The main story was oil. Volumes and prices both rose in June, so petroleum imports jumped sharply.
More Quotes from Stephen Stanley:
The factory sector appears to have begun the year on a solid note, no doubt bolstered by the surge in new orders seen at the end of last year.Stephen Stanley
It is a little early to eulogize the housing sector. Look for any deterioration in starts, sales, etc., to be more gradual than the weather-depressed December starts tally would suggest.
Stephen Stanley
The economy is clearly strong right now, and that's what these numbers reflect. In the short term, there's a risk people will pull back on spending, but that depends on how long gas prices stay high, and so far there's not much evidence the consumer is slowing down.
Stephen Stanley
But certainly the market should be focused on the core number, since that's what the Fed looks at. We're looking for an 0.2 percent increase, which wouldn't cause a big reaction in the market.
Stephen Stanley
This report is huge in the big picture, ... With the election over and this good news on jobs we could at last see an unleashing of animal spirits in the economy.
Stephen Stanley
The consumer never really missed a beat, and now attitudes are beginning to catch up to reality. Once again, watch what they do, not what they say.
Stephen Stanley
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