ACC's Economic Outlook for the Week Ended Sept. 2, 2011

MACROECONOMIC STATUS Our running tab of positive indicators fell to 12 out of 20 this week. Thus, we post a yellow banner. Nonā€Farm Payrolls – flat – no change Unemployment – flat – at 9.1% Consumer Confidence down 14.7 points to 44.5 (1985=100) Personal Income up 0.3%; up 1.2% Y/Y (real DPI) Consumer Spending up 0.8%; up 2.3% Y/Y (real) Construction Spending down 1.3%; down 0.1% Y/Y Light Vehicle Sales down to 12.1 millionā€unit pace ISM Manufacturing down 0.3 points to 50.6 (near stall speed) Chicago PMI down 2.3 points to 56.5 (still...

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