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Introducing the Portfolio Performance Report
We are pleased to announce the release of the Portfolio Performance Report. This new tool acts as an executive summary for your portfolios, allowing you to view your aggregate performance, asset allocation, and risk in one unified view. You can read more about these new capabilities in our latest blog post [7].
Economy
The U.S. Census Bureau reported [8] that total construction spending decreased (-0.1%) in June to $2,166.5 billion, falling below May’s revised estimate of $2,168.5 billion. Private construction spending slipped (-0.1%) to $1,622.5 billion, while public construction spending remained virtually unchanged at $544.1 billion. Within private construction, residential spending decreased (-0.3%) to $877.1 billion, but nonresidential construction rose slightly (+0.1%) to $745.3 billion. Public educational construction was virtually unchanged at $113.1 billion, and highway construction decreased (-0.1%) to $150.9 billion. Compared to the previous year, the June total construction figure marks a (-3.2%) decline from the June 2025 estimate of $2,237.7 billion. During the first six months of this year, construction spending amounted to $1,046.9 billion, a (-3.5%) decrease from the $1,084.5 billion for the same period in 2025.
The U.S. Census Bureau reported [9] that new orders for manufactured goods decreased (-0.3%) in June to $656.5 billion, marking a second consecutive monthly decline following May’s (-1.1%) decrease. Durable goods orders rose (+0.5%) to $335.4 billion, while transportation equipment orders decreased (-0.1%) to $114.1 billion. Excluding transportation, new orders decreased a modest (-0.4%). Nondurable goods orders slipped (-1.2%) to $321.1 billion. Shipments decreased (-0.2%) to $652.1 billion after a (+1.6%) increase in May, with durable goods up (+0.8%) and nondurables down (-1.2%). Inventories increased slightly (+0.1%) to $962.9 billion, marking their ninth consecutive monthly increase. Unfilled orders continued to climb, rising (+0.6%) to $1,590.6 billion, now higher in twenty-three of the last twenty-four months. Core capital goods orders (nondefense, excluding aircraft) rose 1.2% in June, and core capital goods shipments also increased by 2.0%.
The U.S. Bureau of Labor Statistics reported [10] that total nonfarm payroll employment decreased (-23,000) in July, while the unemployment rate remained little changed at 4.1%. Health care employment rose (+22,000), but local government education decreased (-50,000) and retail trade slipped (-19,000). Financial activities employment also trended down (-14,000). The labor force participation rate decreased (-0.1 percentage point) to 61.4%. The number of individuals unemployed for less than five weeks decreased (-222,000) to 2.0 million, and the long-term unemployed slipped (-166,000) to 1.8 million, accounting for 25.5% of all unemployed workers. Average hourly earnings for all employees on private nonfarm payrolls rose (+$0.02) to $37.62, marking a (+3.2%) increase from the previous year. Finally, revisions to May and June payrolls reduced previously reported job gains by a combined (-103,000).
Upcoming Economic Reports:
Wednesday August 12 – CPI (MoM) (July)
Thursday August 13 – PPI (MoM) (July)
Earnings Calendar: