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NatWest economists Michelle Girard....>

US DATA REACT
US DATA REACT: NatWest economists Michelle Girard and Kevin Cummins said the ISM
non-manufacturing index fell "more than expected in July from 57.4 to 53.9. Over
the first six months of the year, the headline gauge ranged narrowly between
55.2 and 57.6), averaging 56.9 -- a level that has historically been associated
with 3.1% GDP growth. By comparison, the July level (which was the lowest since
August 2016) has historically corresponded to a 1.9% rise in real GDP annualized
basis."
- They add "the report noted that "the non-manufacturing sector did not sustain
the previous rate of growth and cooled-off in July. [Still] The majority of
respondents' comments were mostly positive about business conditions and the
state of the economy."

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