The IHS Markit flash manufacturing purchasing managers index fell to a two-month low of 52.5 from 53.3 in July, while the services index rose to a 28-month high of 56.9, up from 54.7 in July. Readings above 50 indicate improving conditions. Flash responses are based on 85% to 90% of total survey responses each month.
The Kansas City Federal Reserve Bank’s central bank symposium in Jackson Hole, Wyoming starts tomorrow. Fed Chairman Janet Yellen and European Central Bank President Mario Draghi are among top speakers on Friday. Investors hope to get hints on future monetary policies from both institutions.
Sales of new homes ran at a seasonally adjusted annual rate of 571,000, according to the Commerce Department. That’s 9.4% lower than June’s upwardly-revised 630,000 annual rate, and 8.9% below the a year-ago. Economists expected a 608,000 annual pace. The median saleswas $313,700, 6.3% higher than a year ago. At the current pace of sales, there’s 5.7 months of supply.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
