August's ISM data

The ISM (formerly NAPM) survey data correlate well with overall US economic activity, though not 100% at the month-to-month level.  They pretty much get the major and the minor cycles.  My judgement of last month's data (smoothed by my extreme adjustment program using the NBER's method) is that the slowdown apparent in recent months has come to an end.  Tonight (early morning US Friday) we'll get the employment and unemployment data for August, and we'll see whether that's evident in these numbers too.