Tomorrow’s flash estimate of the US Manufacturing Purchasing Managers’ Index (PMI) for September is expected to tick up to a moderately positive 53.1, according to Econoday.com’s consensus forecast. Sounds good, except for one small glitch: this month’s numbers for manufacturing via three regional Fed bank indexes paint a considerably darker profile.
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The evidence is mounting that the US GDP report for the third quarter that’s due next month will reflect substantially slower growth vs. Q2’s strong 3.7% rise (seasonally adjusted annual rate). The mystery at this point is the degree of deceleration.
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● Calls for clarity on Fed’s US macro outlook | Reuters
● Atlanta Fed’s Lockhart hints at rate hike later this year | CNBC
● Bank of Canada Governor is “optimistic” about China’s outlook | MNI