"Things continue to fall into place for our view that growth should accelerate in the year's back half," said Dan Greenhaus, chief strategist at BTIG in New York. The Institute for Supply Management (ISM) said its index of national factory activity rose to 59.0 last month, the highest reading since March 2011, from 57.1 in July. Carl Riccadonna, a senior economist at Deutsche Bank in New York, said the current level of new orders has historically been consistent with an annualized GDP growth pace of 4.4 percent.
Eccentric Frenchman Gael Monfils reached his second US Open quarter-final on Tuesday, stunning seventh-seeded Grigor Dimitrov 7-5, 7-6 (8/6), 7-5. Crowd favourite Monfils overcame a dramatic loss of composure in the second set to book a last-eight date with either five-time champion Roger Federer or Spain's Roberto Bautista Agut. "It's my first ever win on the Ashe stadium which is great," said the 20th seed who also reached the quarter-finals in 2010. "I love to play in New York.