The macroeconomic indicators for the US economy are mixed. US Industrial Production is growing at a slowing rate, as is US GDP. The sluggish trends in manufacturing and mining will hinder robust growth in the overall economy into early 2016. US Nondefense Capital Goods New Orders, a proxy for business-to-business activity, is below the year-ago level. We attribute much of the decline to contraction within US Machinery New Orders. In particular, US Mining Machinery New Orders for the 12 months through August are down 34.3% from this time last year. These negative trends, coupled with the lower Capacity Utilization Rates for Manufacturing and Mining, will constrain momentum within the US for the next two quarters.
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