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ISM surveys point to softer US jobs and growth numbers ahead
The US survey data and official activity reports have been somewhat contradictory through much of the year. Official data is looking robust, highlighted by upward revisions to first quarter GDP and a stronger-than-expected second quarter GDP print and of course very firm jobs numbers. Yet business sentiment, be it the National Federation of Independent Business small business optimism or the Conference Board’s CEO optimism surveys are both in recession territory while the ISM reports are both pointing to weaker activity than has been officially reported. Monday’s manufacturing ISM headline did rise, but remains ... (full story)