Morning Business Outlook: 8/2

Cost of winning an Olympic gold medal

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Investors Waiting on ECB, Jobs

By Morning Outlook FOXBusiness

For every one report showing the U.S. economy was getting stronger, another showed it was getting weaker.

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The Institute for Supply Management said manufacturing activity contracted last month for the second month in a row. But investors were encouraged by a report showing private payrolls added 163,000 jobs in July and home construction rose in June.

In the end, stocks fell. The Dow lost 33 points, the Nasdaq lost 19, and the S&P 500 fell 4. 

Futures this Thursday morning are looking up. 

Jobless claims, factory orders, and a policy statement from the European Central Bank are on tap for today. 

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The latter garnering the most importance on Wall Street. After European Central Bank President Mario Draghi vowed last week to do whatever it takes to save the euro, investors want to see if and how he lives up to his promise.

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Many investors were disappointed Wednesday when the Federal Reserve announced nothing new to help the economy. 

The government releases July unemployment data Friday morning. A weak figure could push the Fed to pull the trigger and announce new monetary accommodation. Most economists expect 100,000 jobs to have been created last month while the unemployment rate stays at 8.2%. 

Now you can get a first class meal in coach. U.S. Airways is offering coach passengers a premium food choice on its international flights to Europe, the Middle East, and South America, for $20. You have to order the meal at least 24 hours prior to taking off. The airline is looking to boost revenue and attract international travelers. At the same time, U.S. Airways also said it will no longer accept cash for on-board purchases on any flight.

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