Consumption growth in 16Q2 was the strongest in the cycle to date. This was offset by drag from the inventory correction. Note, the release will incorporate the annual benchmark with likely modest revisions.
AbstractThe week started off well this morning as the Dallas Fed’s regional Texas manufacturing index firmed noticeably. The company outlook index rose +9 points for July; at -2, the index still shows some contraction, but this is its best showing since November. The rest of the Dallas survey detail was also looking up, e.g., a +9-point increase in the employment index to -2. Tuesday will feature another rash of Fed regional surveys from Philadelphia, Richmond and Dallas again (services). Kansas City Fed manufacturing on Thursday and the Chicago Purchasing Managers’ Index on Friday will finish the regional measures for the month.