9/7: METROINTELLIGENCE ECONOMIC UPDATE P.Duffy

Gallup:  U.S. Confidence Index rose by two points to +6 in August

Americans’ confidence in the U.S. economy varied in August but was not remarkably different from economic attitudes in July. Gallup’s U.S. Economic Confidence Index was +6 in August, just slightly higher than the +4 recorded in July.

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Factory goods orders slipped 3.3 percent in July

Factory goods orders tumbled 3.3 percent amid a slump in demand for transportation equipment. That was the biggest drop since August 2014 and followed a 3.2 percent surge in June.

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Manufacturing sector index rose 2.5 percentage points in July

The August PMI® registered 58.8 percent, an increase of 2.5 percentage points from the July reading of 56.3 percent. Comments from the panel reflect expanding business conditions, with new orders, production, employment, backlog and exports all growing in August.

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Service sector index rose 1.4 points in July

The NMI® registered 55.3 percent, which is 1.4 percentage points higher than the July reading of 53.9 percent. The non-manufacturing sector has rebounded from the prior month’s cooling-off period. The majority of respondents are optimistic about business conditions going forward.

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