We have a big week ahead with data coming out on consumer spending, mortgage applications, nonfarm payrolls, and the ISM manufacturing index. We watch the nonfarm payrolls closely every month and we believe that hurricane Florence could cause an impact on the data so we are watching it even closer this month. ISM manufacturing data was at a 14-year record in August of this year. Economists think when the data comes out for September it will still be very good because of how high August was. Also, we have had enough time that some of the trade and tariff impact is starting to settle in. The data from the end of September will be something to look at to see what kind of impacts we have creeping in.
News came out over the weekend that the U.S. and Canada have reached a trade deal. Canada has joined Mexico to help rework NAFTA, the largest trade block in the world. It creates a unified force in North America that could potentially help with other trade deals that are on the table. Sometimes we feel like trade deals are always moving backwards but we’ve witnessed some positivity over the last month. Last week the U.S. signed a deal with South Korea and, around the same time, Japan and the European Union co-wrote an article to China about their trade practices. All of that plus the trade deal with the U.S. and Canada shows a lot of strength from a trade standpoint. The agreement between the U.S. and Canada wasn’t expected to fall in to place but shows consumer confidence and has had a positive impact on the market.
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