US: Empire State survey to print 22.0 in September - Nomura

Analysts at Nomura expect the Empire State survey of US to moderate to a still-healthy reading of 22.0 in September, down 3.6pp from August.

Key Quotes

“Solid incoming data suggest domestic demand remained strong during Q3. However, we continue to see some downside risk from potential escalation in US trade protectionism, including another series of tariffs on Chinese imports in the near term.”