Below is a chart and brief excerpt from today's Early Look written by Director of Research Daryl Jones.
| Finally, the July Capital Goods reading from yesterday, which is a proxy for corporate cap-ex, came in at +0.05% M/M, +15.6% Y/Y, and +8.1% on 2-year average . . . so was downright #Quad2 in terms of growth (chart attached). So, inflation remains very sticky, if not accelerating, and the main components of economic growth while decelerating a bit from Q2 . . . are still showing strong Y/Y organic growth and may potentially be setting up for an acceleration into year-end. We could especially see this globally, if the recent COVID outbreak continues to abate. |
