Stock markets around the world head towards new highs. And this is not surprising because recent economic data and surveys suggest that there has been a pick-up in activity in the advanced capitalist economies last month. Despite weak employment figures in the US last week and very weak GDP figures for Q2 (see my post, http://thenextrecession.wordpress.com/2013/07/31/the-us-economy-bigger-but-not-healthier/) , it seems that the US had a better July.
My measure for US economic activity – a combined ISM index for manufacturing and services sectors – ticked up in July.
The more frequent but less reliable ECRI weekly indicator of US economic activity also supported that trend.
And for the first time since 2010, the purchasing managers’ indexes (PMIs) for the major economies all rose, even in the Eurozone, which is no longer contracting. The UK PMI in particular leapt forward after several quarters of stagnation, if not contraction. Indeed, the pace
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