The major averages begin the week with solid gains. Mexico agrees to a post NAFTA trade deal, but Canada gets left out in the cold. Elon Musk walks his take Tesla private comments back, as many expected, adding fuel to the SEC or Securities and Exchange Commission investigation in the process.
The Texas Manufacturing Index fell 1.4 points in August to 30.9. The details were unremarkable, price data slipped a little but remains high. Despite heightened uncertainty the tariffs seem to be having little effect on bottom line economic data so far as reflected in this report and others.
The Chicago Fed National Activity Index slipped .3 to .13 in July. A volatile series that covers some 85% of total economic activity the 3-month moving average fell to a barely positive .05. Of the 4 primary components production, sales and employment all advanced. Personal consumption and housing slipped as the index registered another ok month for economic growth.
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