Today’s results, stateside, fit our view for an acceleration into year end.
July Industrial Production made crow bait of estimates, printing 0.9% (and June was revised higher).
July Housing Starts were off, but not quite as bad as expected at an annualized pace of 604 million units. Of course they are sluggish but key now is to expect a positive trend ahead. Same for Existing Home sales. This will kick in, year end..
Robert Craven
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