US: ISM non-manufacturing and composite PMIs will be reported for August - BBH

Research Team at BBH, suggests that during the North American session, US ISM non-manufacturing and composite PMIs will be reported for August. 

Key Quotes 

“The main feature today is the non-manufacturing ISM. The median guesstimate from the Bloomberg survey is 55.0, down from 55.5 in July.  With a little more than half the data, economists remain confident that this quarter the world's largest economy snaps a nine-month period of sub-2% growth.  Recall that ISM manufacturing PMI was weaker than expected, falling to 49.4 from 52.6 in July.  Labor market conditions for August will also be reported.  The Fed’s Williams speaks on the economic outlook. 

The Fed releases its Beige book tomorrow that was prepared for the September meeting.  On Friday, the odds of a hike next week fell to 32% after the softer than expected jobs report, and that is where it stands currently.  This falls short of the post-Jackson Hole high of 42% on August 26.”