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Analysts at Nomura point out that the Philly Fed manufacturing survey showed a sharp decline in August to 11.9 from 25.7, the lowest reading in 21 months, indicating some pullback in growth in the region.

Key Quotes

“The August Philly Fed report stands in contrast to the Empire State survey that showed improving manufacturer sentiment in New York State. However, while the Empire State survey remained elevated, a supplemental survey indicates elevated concern and expectations among many respondents that trade policy changes will negatively affect profitability in 2018-19.”