U.S. Review
Economy Firms Heading into Fall
- The third print for Q2 GDP showed the economy advancing at 4.6 percent annualized clip compared to the initially reported 4.0 percent rate.
- Following record aircraft orders in July, durable goods orders plunged 18.2 percent in August. Excluding the volatile transportation sector, however, activity in the manufacturing sector continued to expand at a healthy clip.
- New homes sales continued to climb gradually higher in August. While existing home sales pulled back slightly in August, new home sales jumped 18.0 percent to a post- recession high.
Global Data Remains Soft
- Data released this week did not contribute much to a better global economic environment than what the world has been getting used to during the last several quarters.
- A little bit better reading for the Chinese manufacturing PMI, while Eurozone PMIs came in lower than expected. The Mexican economy is starting to look better and the Argentine economy surprised with a flat year-over-year growth rate against expectations of another negative reading.
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