US: Strong economic releases suggests recovery on track for now - ANZ

US wholesale inventories (July P) came in a touch stronger than expected while durable goods were up 0.6%, with non-durables were up 0.1%, notes the analysis team at ANZ.

Key Quotes

“Separately, the advanced trade balance came in at -$65.1bn, from  -$64.0 previously. On an annual basis, both exports and imports expanded. Exports were up 4.2% y/y, with shipments of industrial supplies (+14.2%), outweighing declines in consumer and auto shipments. On the import side, capital goods were up 10.1% y/y, suggesting some firming of investment, while consumer goods imports rose 0.2%.”

“Dallas Fed manufacturing came in at 17.0. Production was at 20.3, slightly slower than the pace of July, while the new orders and the growth rate of orders indexes ticked down, but in positive territory. Upward pressure on prices and wages increased in August too. The ISM for August is due later this week, but all the regional surveys through August have suggested production/activity is upbeat pre-Harvey.”