Robert Hughes joined AIER in 2013 following more than 25 years in economic and financial markets research on Wall Street. Bob was formerly the head of Global Equity Strategy for Brown Brothers Harriman, where he developed equity investment strategy combining top-down macro analysis with bottom-up fundamentals. Prior to BBH, Bob was a Senior Equity Strategist for State Street Global Markets, Senior Economic Strategist with Prudential Equity Group and Senior Economist and Financial Markets Analyst for Citicorp Investment Services. Bob has a MA in economics from Fordham University and a BS in business from Lehigh University.
Articles from Robert Hughes
Yesterday we noted the weaker reading from the Chicago Purchasing Managers’ Index data on manufacturing activity in the Chicago area. This tends to foreshadow the state of the national manufacturing sector. The Chicago report turned out to be a good predictor of the national manufacturing index released today by the Institute for Supply Management.
The ADP national payroll report for August suggests private payrolls in the U.S. added 177,000 new jobs. The 177,000 gain for August is less than what we saw in July, which was revised upward to an estimated 194,000. We pay attention to this report because it tends to suggest what we might see from the monthly jobs report from the Bureau of Labor Statistics.
Alcoa will report second quarter sales and profits after the close of U.S. trading today, marking the unofficial start of earnings season. Actually, 23 companies in the S&P 500 have already reported second-quarter results. When we blend those actual results with consensus expectations for those companies that have not yet reported, we find that topline sales growth is expected to fall by 0.7 percent versus a year ago.