The so-called hard data, which refers to concrete numbers about the economy such as unemployment, continues to reflect economic strength.
. However, stocks have struggled in recent months amid disappointing soft data, which includes corporate and consumer sentiment surveys as well as purchasing managers' index numbers.
"We remain constructive, but alert for risks to the growth outlook," said Doug Peta, chief U.S. investment strategist at BCA Research, in a note. "The labor market remains vibrant enough to exert downward pressure on the unemployment rate, and services continue to expand despite the contraction in manufacturing, both here and abroad. The expansion has slowed, but it's not finished yet.
The U.S. consumer is also in a solid place. Retail sales rose 0.4% in August, topping a Dow Jones estimate of 0.2%. The better-than-expected retail sales increase came after a 0.8% jump in July.
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