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The growth advantage of the Rest of the World over North America increased in August, stretching from 3 points in July to 5.3 points in the initial August reading.1The preliminary moving averages are 54.6 for North America and 59.9 for the Rest of the World. That marks the twelfth consecutive month where the Rest of the World has outpaced North America. This advantage has been surprising in light of global economic news, and it still is. That said, the substantial jobs data revision injects a bit of sense into the gap. While the U.S. still looks like a particularly strong economy, the weaker labor market makes the gap look smaller.
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