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NatWest on ISMs

US OUTLOOK/OPINION
  • NatWest economists suspect that today's ISM manufacturing index will likely remain "subdued in September at 48.0, albeit slightly less weak than 47.6 in August," this after the metric has "signaled a contraction for ten consecutive months."
  • NatWest notes the ISM services index reached its highest level since February 2022 at 54.4 in August. "The improvement coincided with strength in consumer spending on services in late Q2/early Q3. However, we suspect that the restart of student loan repayments slows the recent strength in consumption."

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