[The early August index stood at 92.9 down from 93.1 in July but 12.6% higher than at the same time a year ago.]
”The declines in prospects for the economy probably reflect the expected increases in interest rates, while the eventual but small impacts from falling commodity prices, the devaluation of the renminbi, and a weaker global economy have yet to occur (other than from declines in oil prices). The most important offset to these concerns is that consumption expenditures can be expected to expand at an annual rate of 3.0% in 2015 and 2016, prompting continuing net gains in jobs and incomes.…”
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