Today's releases on manufacturing activity and construction were unimpressive, and point to a continuation of the modest growth conditions that have prevailed for some time now.
As the above chart suggests, the June ISM manufacturing index was consistent with GDP growth of 2-3%.
The export orders subindex has risen in recent months, suggesting that conditions overseas have improved on the margin.
The employment subindex was weak, reflecting a lack of business confidence in the future.
U.S. manufacturing activity has not improved significantly over the past year, but Eurozone manufacturing activity has become substantially less weak.
Construction spending conditions to improve at a modest pace overall, with the residential construction sector leading the way.