Continued Growth at Subpar Pace.
· Modest domestic U.S. growth remains the outlook as both the ISM manufacturing and non-manufacturing surveys signaled continued growth but not an acceleration. Another decline in jobless claims reinforced that message.
· Meanwhile, the weakness in exports, due to soft global demand, reflected in a wider trade deficit, which will subtract from second quarter GDP growth.
· June job gains reinforce the message of continued moderate economic growth.
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