In the US, measures of business conﬁdence continue to point to relatively robust manufacturing activity, according to the research team at Deutsche Bank.
“While the headline Philadelphia Fed survey fell -11.2 points in June to 27.6, the current level of the index points to healthy growth in the factory sector. This was corroborated by the New York Fed Empire series (+19.8 vs. -1.0), which rebounded to its highest reading since September 2014 (30.2). More importantly, the underlying details of these two surveys indicate ongoing improvement in business spending, which is key to our near-term growth forecast.”
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