US Growth Accelerating

Two of the earliest data points for the month are the Philadelphia Fed and the Empire State surveys.  They're now out for July.

The chart below shows a three month moving of the average for these two surveys compared with the 3 month percentage change in my US Coinciding Index.  (BTW, the slower patch in 2011, 2012 was caused by Federal budget balancing measures.)

Of course, this late in the cycle, strong growth brings a heightened risk of monetary tightening by the Fed.