Weekly: US – More proof of an acceleration

by: Peter de Bruin

W130923-US.More proof of an acceleration.pdf ()
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Data during the week continued to suggest that the economy will accelerate in coming months. Granted, the Empire State Manufacturing index slipped back slightly, but the Philly Fed index rose to the highest level since 2011, suggesting that the manufacturing sector is accelerating. Meanwhile, housing market data were in line with our view that the recent rise in interest rates has not taken too much wind out of the sails of the housing market recovery.