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Analysts at Nomura are forecasting a reading of 21.0 for August Philly Fed survey, which would indicate continued healthy expansion in the regional manufacturing sector.

Key Quotes

“Similar to the Empire State survey, escalation in trade tensions will likely wear on forwardlooking indicators. The indices on current conditions will likely reflect continued steady momentum in the manufacturing sector and the broader economy.”

“A sharp pickup in the new orders index in the previous month also suggests that positive momentum will likely carry on in August.”