US: Busy economic calendar today – BBH

The US has a busy calendar today and since Q2 GDP was reported last week, the June personal income and expenditure data will be of passing interest, according to analysts at BBH.  

Key Quotes

“Of note, the core PCE deflator is expected to snap a four-month decline and be flat at 1.4% in June.  The year-over-year comparisons will be somewhat easier in Q3, and the core PCE deflator may recover somewhat, though remaining below the 2% target.”

“The July manufacturing PMI and ISM will draw attention, with the price and employment components being of particular interest.  US auto sales will trickle out, and after a two-month decline, they are expected to recover (~16.8 mln seasonal adjusted annual rate), and this will be an encouraging start of Q3.”