The stabilisation in the ISM manufacturing index at 52.8 in August, unchanged from July, provides some further reassurance that the economy is not yet sliding into recession. While the details suggest manufacturing output could still contract over the next few months, the headline index is consistent with GDP growth of nearly 2% annualised.
Note: We’ll be discussing the US August employment report in an online Drop-In session on Friday, 2nd September. Register now.
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