But the weakness in the U.S. continues 21.7.2011

In the U.S., the downside risks have increased significantly: The output gap is still enormous, and the dynamics of the labor market to be factual. On the other hand, the employment component of the PMI indices performed well so far and suggests a monthly gain of 200,000 new jobs.  

Discrepancies between survey data and figures were not uncommon in the past. Which signal is true, will first be seen in a month or two. For now we stick with our forecast that the U.S. economy in the second half of 2011 by about 3% pa , will grow after the growth pace in the first half of just under 2%. In view of the current uncertainty, however, it is questionable whether U.S. macro data can reassure the already nervous markets.