Here Comes The ISM Services Report...
REUTERS/Lance Murphey
Economists estimate that the composite index ticked down to 55.0 in August from 56.0 in July.
However, Societe Generale's Brian Jones thinks its heading for a 2.5 year high of 57.5. Here's his preview:
In contrast to the fairly large number of reports released in advance of the ISM factory survey, economists have but a pair of Federal Reserve Bank canvasses from the Dallas and Richmond districts to use in constructing an estimate for the group's non-manufacturing activity gauge. Though comparatively limited, those two releases point to a further acceleration in service-sector activity in August. Our composite Dallas/Richmond barometer nearly doubled to 11.3 in the current month, the highest reading since March 2012. Using the above to predict the national measure points to a 11/2-point rise to 57.5 - the strongest result since February 2011 (see accompanying chart).
Societe Generale
Next Story
US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
2 states where home prices are falling because there are too many houses and not enough buyers
A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
9 health benefits of drinking sugarcane juice in summer
10 benefits of incorporating almond oil into your daily diet
From heart health to detoxification: 10 reasons to eat beetroot
Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore
