August Valance Report

United States

This week’s economic data showed an economy muddling through at a rate of growth below potential, but unlikely to be negative. At times, the mediocre data has garnered a positive response after the string of negative news last week lowered market expectations and left many people expecting a “double dip”. The ADP report showed private payrolls contracted 10k in August and suggests Friday’s important payroll data could be a bit softer than expected (consensus is 41k of private payroll gains).

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