Commentaries

September 08, 2017

U.S. Factory Orders were down 3.3% for July 2017, most of which was due to a slow month following a strong month for aircraft orders. Core shipments were up 1.2%. The PMI Services and ISM Non- Manufacturing Indexes came in at 56 and 55 for August, respectively. Non-farm productivity for the second quarter 2017 was a strong 1.5%, while unit labor costs were a reasonable 0.2%.
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September 01, 2017

U.S. Real GDP growth came in at +3.0% on an annualized basis for the second quarter 2017. This was higher than the first quarter and a bit better than consensus. The GDP Price Index was up 1.0% on an annualized basis for the quarter. The Chicago Purchasing Managers Index came in as expected, at an expansionary 58.9. Personal Income was up 0.4% for the month of July. The ISM Manufacturing Index was equally expansionary for August; however, the PMI U.S. Manufacturing Index came in at only 52.8 for August. The PCE Price Index was up 1.4% for the year ended July. Construction spending was down 0.6% for July but up 1.8% for the year ended July. Finally, the U.S. Unemployment Rate rose slightly to 4.4% for August.
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