This week the American Postal workers Union (APWU) launched a national advertising campaign to alert the public about proposed plans to privatize the public Postal Service. The ad called “Memo” highlights a document sent by Wells Fargo Equity Research to investors detailing how proposed plans by the White House to privatize postal services would lead to the closing of local post offices, skyrocketing price hikes to send a letter or package, and an end to the “Universal Service Obligation” where mail is delivered six and sometimes seven times a week to 169 million addresses.

Oil is losing steam after rising more than 5 percent last month as Trump repeatedly raises the stakes against China, rattling markets. Along with other risky assets, oil took a blow on concern the escalating tension will threaten growth that drives energy demand amid record U.S. output. That could hinder the efforts of the Organization of Petroleum Exporting Countries and its allies to curb a global glut and prop up prices. “The market is currently concerned for the escalating China-U.S. trade war tensions,” said Bjarne Schieldrop, chief commodities analyst at SEB AB. “And with good reason, since this will be bad for global growth and oil demand growth further down the road.” Click Read More below for additional information.

Consumer confidence declined in July as consumers’ assessment of current business and labor-market conditions softened for the third consecutive month,  The Conference Board Consumer Confidence Index decreased by 1.4 points to 90.8   in July, down from an upwardly revised 92.2 in June.  (The survey period for this month's preliminary results was July 1–22, encompassing ongoing conflict in the Middle East.) "Consumer confidence moderated slightly in July, continuing a general downward sloping trajectory since late 2021," said Dana M Peterson, chief economist, The Conference Board. “Consumer appraisals of current business conditions and, to a lesser extent, perceptions of the current labor market both softened.”  Looking ahead, Peterson added, consumers anticipate little improvement in business conditions over the next six months, but expectations for the labor market were slightly less negative.