A Tale Of Two Economies
It's not the best of times, nor the worst. But the latest data is a tale of two of U.S. economies.
Meanwhile, the survey of purchasing managers at non-manufacturing companies, those in the service economy, declined to 53.7% in July. It too has plunged from its record level of 61.6% in September, but it's still well within its normal range.
The "Service Economy" is not gangbusters, like the tax-reform fueled peak in September 2018, but it's doing okay.
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