The decline in the ISM manufacturing index to 50.2 in September from 51.1 in August is yet another illustration of the devastating impact that the strong dollar and weak foreign demand is having on the battered factory sector. Things might well get even worse before they begin to get better. Nevertheless, the index remained above the 50 mark and the incoming data on the rest of the economy are still incredibly upbeat. We also learned today that construction spending increased by a solid 0.7% m/m in August and early reports suggest motor vehicle sales were unusually strong again in September.
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