U.S. Review
Growth Returns to a Solid Footing
• The economy expanded at a 4 percent pace in the second quarter of the year, with broad-based growth across every major sector with the exception of net exports. Revisions to prior quarters also showed that the economy was a bit stronger in the second half of last year and contracted less in the first quarter.
• Employment rose 209,000 for July, marking a strong start to the third quarter for the labor market. The unemployment rate rose to 6.2 percent.
• The ISM manufacturing index rose to 57.1 from June’s 55.3 reading.
Global Review
Mess in Argentina and Improvement in Canada
• What exactly is going on with Argentina and its sovereign debt? For answers, see our Topic of the Week on page 7.
• In this week’s global review on page 4, we focus on the Canadian economy and we consider what recent indications of stronger growth and rising CPI inflation mean for interest rates in the world’s 11th-largest economy.
Read the full report: Economic Research