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The word & # 39; men & # 39; defines the entire economic history of the United States



The American economy right now is all about one word: "But."

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – -sm" type = "text" content = "In Institute for Supply Management & # 39; s & nbsp; latest service sector report released Monday told a business leader the organization that "Some uncertainty is related to tariff rates. But [1

9659003] There have been no changes in market conditions. ”(Emphasis added.)" Data-reactid = "16"> In the Institute for Supply Management's latest service sector report released Monday, a business executive told the organization that "Some uncertainty is linked to tariffs. But there have been no changes in market conditions. ”(Emphasis added.)

<p class =" canvas-atom canvas text Mb (1.0 em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content = "On Monday, & nbsp; ISM & nbsp; and & nbsp; IHS Markit & nbsp; both released readings in the service sector – which account for about 85% of GDP growth – which showed that the economy was expanding, albeit at a slower pace, with ISM's service index coming in at 53.7 against estimates for 55.5, while IHS Markit's index hitting 53.0, against estimates for 52.2. "data-reactid =" 17 " > On Monday, ISM and IHS Markit both released readings in the service sector – which account for around 85% of GDP growth – which showed that the economy was expanding, albeit at a slower pace. ISM's service index came in at 53.7 against estimates for 55.5, while IHS Markit's index hit 53.0, against estimates for 52.2.

Monday's reports both served as evidence of an economy full of market participants and business executives concerned about the spectrum of customs cases a recession. The economy continues to expand.

"An improvement in the overall business growth signaled by the July PMI services is welcome news," said Chris Williamson, chief business economist at IHS Markit.

"But overall a slow rate of expansion remains a concern."

That's the word again.

A trader working on the floor of the New York Stock Exchange (NYSE) in New York, USA, August 5, 2019. REUTERS / Brendan McDermid TPX IMAGER OF THE DAY

“Production and services PMIs collectively point to [US] GDP expanded at an annual rate of less than 2% in July, during what was seen in the second quarter, and among the weakest who have seen the people for three years, "Williamson added.

In the ISM report, a leader from the business support industry said that July was "looking to be a record month for sales."

The person added that "customers have converted sales offers faster than in recent months. Customs rates have increased prices for our industry, but our customers do not complain about the weak price increases that have gone. "

<p class =" canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8 cm) – sm "type =" text "content =" Monday sold & nbsp; markets vigorously & nbsp; after the Chinese yuan's fall below 7 yuan per dollar, and reports that Beijing had asked state-owned firms to stop buying US agricultural products. These moves were signs of an escalation in the US-China trade war. "data-reactid =" 36 "> On Monday, markets fell sharply following the fall of the Chinese yuan to $ 7 per dollar, and reports that Beijing had asked state-owned firms to halt purchases of US agricultural products, signs of escalation in the trade war US-China.

The slower growth rate signaled by Monday's data is also unlikely to improve investor sentiment, after all, share prices do not estimate the present value of companies but their future value, and all else equal, slower economic growth means slower profit growth

However, slow growth does not mean a downturn.

Andrew Hunter, senior US economist at Capital Economics, said Monday that ISM's data paints a more bearish picture of the economy than offered by Williamson, however, a downturn is unlikely given the data.

"A weighted average of ISM indices is consistent with zero economic growth at the beginning of the third quarter, "Hunter said.

<p class = "canvas atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "“ We don't think the economy is to plunge into recession – after all, & nbsp; employment growth is still solid & nbsp; and other leading indicators, including initial unemployment requirements, show few signs of deterioration. "data-reactid =" 41 " > "We do not think the economy is plunging into a recession – after all, employment conditions are still solid, and other leading indicators, including initial unemployment demands, show few signs of deterioration. [19659021]" But the ISM survey clearly supports our view that economic growth will slow sharply in the second half of this year. "

And in this economy there is always a but.

<p class =" canvas-atom canvas -text Mb (1.0 em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" "data-reactid =" 44 " >

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Myles Abroad is a reporter and anchor at Yahoo Finance. Follow him on Twitter @MylesUdland "data-reactid =" 45 "> Myles International is a reporter and anchor at Yahoo Finance. Follow him on Twitter @MylesUdland

< p class = "canvas atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Read the latest financial and business news from Yahoo Finance [19659023] "data-reactid =" 46 "> Read the latest financial and business news from Yahoo Finance

<p class =" canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt ( 0.8em) – sm "type =" text "content =" Follow Yahoo Finance on [19659002] Twitter Facebook Instagram [19659002] Flipboard SmartNews [19659002] LinkedIn YouTube and rescued it [19659048] . "data-reactid =" 47 "> Follow Yahoo Finance on Twitter [19659048] Facebook [19659040] Instagram Flipboard SmartNews [19659002] LinkedIn YouTube and reddit .


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