After weakening dramatically in recent weeks, data in the past week stabilized, with a roughly equal mix of negative and positive surprises. The positive data-points included manufacturing production, retail sales, and jobless claims. The negative side of the ledger was punctuated with sharp weakness in both the New York and Philadelphia Fed
regional manufacturing indicators. Since these are sentiment indicators, it is difficult to know whether the indicators are telling us what will happen or what already has happened. The bottom-line is that this week's data-flow indicates that while the soft patch is far from over, it is at least not getting worse --BAML
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