Internat’l Trade (May) & ISM Non-Manu. (Jun.)

Despite the widening in the nominal trade deficit to $41.1bn in May, from $37.4bn, net trade probably still provided a small boost to second-quarter GDP growth, which we suspect was close to 3% annualised. The rebound in the June ISM non-manufacturing index, meanwhile, suggests that this strength is set to continue.

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