This week we get data on Manufacturing, Factory Orders, Nonfarm Payrolls and Unemployment. Markit US Manufacturing PMI rose a sharp +2.2 points for the August flash reading, up from July’s reading of 55.8. Today we get the final reading and expectations are for no change from the flash estimate. ISM Manufacturing rose +1.8 points in July to 57.1, the best reading since April 2011, and for August consensus is for a slight decline to 57. Construction spending unexpectedly fell in June, declining -1.8% after advancing +0.8% in May. Construction Spending for July is expected to reverse the prior month’s losses with a +1.0% advance. As we return from the long weekend, the curve has bear flattened with 2s10s up +2.2 bps.
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