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    Turn for worse could make Fed's job harder on interest rates. The weakest ISM manufacturing report in two years is sure to give the Federal Reserve more to chew over as the central bank prepares to raise interest rates. The Institute for Supply Management on Tuesday said its U.S. manufacturing index fell to 51.1% in August from 52.7% in July-- the weakest reading since May 2013 and well below Wall Street forecasts.

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    * Manufacturing expansion slowest since May 2013. * New orders, factory employment growth slow in August. * Automobile sales rise strongly in August. * Construction spending increases 0.7 percent in July. By Lucia Mutikani.

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    U.S. manufacturers grew at the slowest pace in August in more than two years, a survey of executives found. The Institute for Supply Management said its manufacturing index dropped to 51.1% last month from 52.7% in July, falling short of the 52.2% forecast of economists surveyed by MarketWatch. Readings over 50% indicate more companies are expanding instead of shrinking.

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    Some U.S. federal funds futures rose to session highs on Tuesday as a measure on U.S. manufacturing activity fell more than expected, implying traders raised their bets the Federal Reserve would raise rates even more slowly than they had previously thought.

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    Outlays for U.S. construction projects rose 0.7% in July to a seasonally adjusted annual rate of $1.08 trillion, the highest level since May 2008, the Commerce Department reported Tuesday. The gain was in line with expectations. But there was significant strength beneath the headline with June's gain revised up to a 0.7% increase compared with originally reported 0.1% gain in June.

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    The pace of growth in the U.S. manufacturing sector slowed in August to its weakest in over two years, according to an industry report released on Tuesday. The Institute for Supply Management said its index of national factory activity fell to 51.1 from 52.7 the month before, marking the lowest reading since May 2013. A reading above 50 indicates expansion in the manufacturing sector.

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    As markets digest the recent central bank meeting in Jackson Hole, Wyoming, one market participant says that the U.S. Federal Reserve has ulterior motives to push up an interest rate hike.Keith Fitz-Gerald, chief investment strategist for moneymorning.com, noted that the central bank needs to raise rates to allow for a potential fourth round of quantitative easing.

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    - U.S. construction spending rose in July to the highest level in just over seven years as private outlays surged, providing another sign of solid economic momentum at the start of the third quarter. Construction spending increased 0.7 percent to $1.08 trillion, the highest level since May 2008, the Commerce Department said on Tuesday. Construction spending has increased for eight straight months.

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    U.S. factory activity braked to a more than two-year low in August, but sturdy gains in automobile sales and construction spending suggested the economy remained on solid footing.

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    Few will dispute Detroit has had a long road back from bankruptcy but sometimes it takes a major setback to set the stage for a major comeback. And Shinola Detroit wants to be part of that. "We wanted to do watches in America and we wanted to do it in a city where we could make a difference and create jobs," said Bridget Russo, Shinola Detroit's chief marketing officer.

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    One argument against a move next month. One argument against a September rate hike is that it would be just the surprise move the Federal Reserve had hoped to avoid. For months, Fed officials have said they want to be transparent about their monetary tightening game plan, with the hope that by telegraphing their intent to raise rates for the first time in nearly a decade, the central bank would mitigate any disruptions in financial markets.

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    The U.S. bond market's gauge of inflation expectations fell on Tuesday with weaker oil prices in the wake of disappointing Chinese manufacturing data that revived anxiety about a slowing global economy. U.S. crude futures fell $2 or 4 percent to $47.18 a barrel in early trading, halving Monday's gains tied to news of lower domestic output.

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    Critical intelligence before the U.S. market opens. September means "sayonara" to summer vacations, back to school and, for investors reeling from August's thrashing, perhaps more punishment. Looking back, the first day of this month hasn't been kind to stocks.

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    People can meet the love of their lives just about anywhere. Joshua Wolfe's break came at the soda machine. "How's the wonderful world of rent-to-own?" Wolfe, who lives in Oklahoma, asked the man. That simple question led to about a half-hour conversation and an invite for a formal job interview a few days later.

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    The message was built on the bedrock GOP notion that the primary­ enemy of the U.S. economy is an oversize and overreaching federal government.But those careful plans have hit a large and brash-talking obstacle in the form of current Republican front-runner Donald Trump. Trump’ s surging presidential campaign has pushed the party in a different direction, one...

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    U.S. auto sales, due Tuesday, are set for their biggest year-over-year drop since the financial crisis. But this isn't a reason to panic. Neither stock-market jitters nor interest rates are at fault.

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    A bankruptcy filing by tiny Hillview, Kentucky, is more evidence that municipalities increasingly see Chapter 9 as a way to fix their finances, a move that is negative for the entire local government sector, Moody's credit agency said on Monday.

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    Illinois lottery winner gets IOU from state. Danny Chasteen hit the jackpot but will have to wait to get his money until Illinois resolves a budget impasse. MassRoots applies to be first cannabis company listed on Nasdaq.