<<NEW YORK, Aug 31 (Reuters) - The International Strategy & Investment (ISI) Group Inc. said slightly stronger front-end readings pushed its weekly company survey index up to 49.6 in the week ended August 28, from 48.8 in the prior week.
The survey's four-week moving average, however, continued to decline, falling to a reading of 50.4 from 50.6 registered one week ago, the report said.
Market turmoil is likely to keep consumer spending on the soft side, according to ISI Vice President Jason Trennert.
''Our surveys continue to indicate that the manufacturing sector is ground-zero for the Asian contagion,'' Trennert said.
''While lower inflation and interest rates will lift real purchasing power, the performance of cyclical shares and commodity prices seems to indicate that the economy is already starting to slow,'' he added.
Each week, ISI surveys nearly 100 retailers, auto dealers, manufacturers, homebuilders and banks for their views on the current state of the economy. >> |
