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By New_Deal_democrat September 3, 2015 11:11 am
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US economy continues to overcome forces of global slowdown

The ISM manufacturing and services releases this week show that the US economy is resilient in the face of international weakness.

 
ISM manufacturing, while showing continued expansion, came in the weakest since May 2013:
 
 
A comparison of the ISM manufacturing indexes for imports (blue) vs. exports (red) shows that, unsurprisingly, the strong dollar and the weak global economy are having a big negative effect on exports:
 
 
Meanwhile, ISM services came in at the 2rd highest level (behind last month) in nearly a decade:
 
 
(h/t Briefing.com)
 
Since services make up the vast majority of the US economy, it is no surprise that in the aggregate, the US economy has been overcoming the forces of global recession.
 
Meanwhile, the two most leading US economic sectors - housing and autos - continue to show solid improvement.
 
Here are building permits, which have averaged the highest in nearly 8 years in the last 2 months:
 
 
and here (courtesy Calculated Risk, http://www.calculatedriskblog.com/2015/09/us-light-vehicle-sales-increas... ) are motor vehicle sales, which were the highest in almost 10 years during August:
 
 
Despite the slowdown in manufacturing, you simply do not get recessions in the US while consumers are out spending money on houses and cars.
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