Quarterly U.S. GDP Growth
Providing a counterpoint to the ISM data, second-quarter U.S. GDP was revised up from 4.1% to 4.2%, which was slightly better than expected. This represents the strongest growth since the third quarter of 2014. With the near-term effects of the Tax Cuts and Jobs Act waning, we expect somewhat lower data for Q3 and Q4.
ISM Manufacturing PMI
The trajectory of industrial production takes on more importance given the sometimes acrimonious public negotiations on trade. After the two-point decline in July, the ISM index could be marking a turn in the stronger industrial sector momentum that began earlier this year.
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