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ISM Manufacturing Index Inches Closer to Growth in July
The week begins on an optimistic note as nearly half of all manufacturing executives reported growth in July, according to a key industry survey.rnrnThe ISM Manufacturing Index improved to 48.9 in July, jumping more than 4 points from the June score and marking the fourth straight improvement. This indicates that overall conditions remain in contraction for the 18th consecutive month, but that the slowdown is stabilizing.
Looking for Confirmation of Stabilization
This week is a busy one for the macroeconomy as markets and analysts will receive some of the first major indicators of how the nation is faring at the start of the third quarter. rnrnExpectations are high. “The US recession has ended, and the economy has embarked on a new path of recovery path in 3Q-2009,†said analyst John Herrmann from Herrmann Forecasting, in his weekly forecasting note.
Mid-Day Recap: Mixed Reaction as Q2 GDP Drops 1%
Market reaction has been mixed since it was confirmed that second-quarter GDP contracted at a much slower pace than the in the prior quarter. The data suggests the recession is coming to an end, but the view ahead is far from clear and rosy.rnrnAlthough stock indexes look ready to end the week up more than 1%, following a huge 11% gain in the prior two weeks, the weekly gain is based on the advance seen yesterday, as stocks are roughly flat two hours into Friday’s session.
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