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US ISM data confirms gloom in global manufacturing activity - SocGen

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Delhi) – Kit Juckes, Research Analyst at Societe Generale, suggests that the gloom in global manufacturing was most striking in the US ISM data, and their US economics team’s tracking estimate for Q4 GDP is now down at 1.3%.

    Key Quotes

    “With only car sales data due today there won’t be anything to improve the mood, though it’s worth mentioning. At least, that manufacturing isn’t a big part of the overall economy and tomorrow’s non-manufacturing data are far more important.”

    “Over the last 4 years, US GDP growth has averaged 2.2% (NFP has averaged 1.9%). I’ll put the Q4 slowdown, after a 3% average of the two previous quarters, down as ‘noise;’ around that bland trend – modest weakness is more important for the lack of momentum it gives to the rest of the world than for what it means for Fed policy.”
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