• Modest domestic U.S. growth remains the outlook as both the ISM manufacturing and non-manufacturing surveys signaled continued growth but not an acceleration. Another decline in jobless claims reinforced that message.
• Meanwhile, the weakness in exports, due to soft global demand, reflected in a wider trade deficit, which will subtract from second quarter GDP growth.
• June job gains reinforce the message of continued moderate economic growth.
Read the full report: Economic Research
Wells Fargo