The local data are already underway in the shape of this morning’s Performance of Services Index (PSI). It perked back up to a stocky 58.4, seasonally adjusted, from the 55.2 level it had slowed to in June. This was driven mostly by new orders (64.1) and activity (61.4). This good pick-up in the PSI joined with the steady PMI for July (53.0) to signal an above-trend pace of GDP growth
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