US: Expect a modest 1pp decline to 63.1 for Chicago PMI - Nomura

Analysts at Nomura are forecasting a modest 1pp decline to 63.1 for the July Chicago PMI.

Key Quotes

“On a Chicago PMI-adjusted basis, regional surveys have sent somewhat conflicting signals on business activity, with a decline from the Empire State survey but an improvement in the Philly Fed release.”

“Taken altogether, we believe business optimism remained firm in July, consistent with steady demand, but trade-related concerns may have marginally weighed on sentiment.”