ACC's Economic Outlook for the Week Ended Oct. 7, 2011

MACROECONOMIC STATUS Our running tab of positive indicators rose by 3 to 15 out of 20 this week. Thus, we post a green banner. Payroll Employment up 103,000 Unemployment Rate – steady- 9.1% Construction Spending up 1.4%; up 0.9% Y/Y Light Vehicle Sales up to a 13.1 million-unit pace Global Semiconductor Sales up 0.7%; down 2.2% Y/Y Wholesale Trade up 1.0%; down 15.2% Y/Y Factory Orders down 0.2%; up 15.4% Y/Y ISM Manufacturing up 1.0 points to 51.6 (still expanding) ISM Nonmanufacturing down 0.3 points to 53.0 (still expanding) JP Morgan Global PMI down 0.3...

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