9/7: MetroIntelligence Econ Update, P.DUFFY

ADP:  August private sector employment rose by 163,000

Private sector employment increased by 163,000 jobs from July to August according to the August ADP National Employment Report.  This rate of growth compares with 217,000 in July and 170,000 in August of 2017.

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August planned job cuts up 41.8 percent from July and 13.7 percent year-on-year

The pace of downsizing in August rose to the third-highest total for the year, as U.S.-based employers announced plans to cut 38,472 jobs, up 41.8 percent from July and 13.7 year-on-year.  So far this year, employers have announced 310,773 cuts, 7.5 percent higher the cuts announced through this point last year.

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July factory goods orders dip 0.8 percent from June, but still up 8.3 percent year-on-year

Although overall July factory goods orders dropped 0.8 percent, non-defense capital goods excluding aircraft, which are seen as a measure of business spending plans, jumped 1.6 percent.  Year-on-year, overall factory goods orders were up 8.3 percent.

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August service sector index rebounded strongly to 58.5 percent

The August NMI® registered 58.5 percent, which is 2.8 percentage points higher than the July reading of 55.7 percent, showing a  strong rebound for the non-manufacturing sector in August after growth ‘cooled off’ in July. Logistics, tariffs and employment resources continue to have an impact on many of the respective industries.

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Mortgage application index dips 0.1 percent, average rates rise 2 basis points to 4.80 percent

The Market Composite Index decreased 0.1 percent on a seasonally adjusted basis from one week earlier, with both purchase loan and refinance activity falling 1.0 percent. The average contract interest rate for 30-year fixed-rate mortgages increased two basis points to 4.80.

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Initial unemployment claims fall 10,000 in latest report; 4-week average at lowest level since December 1969

In the week ending September 1, initial unemployment claims were 203,000, a decrease of 10,000 from the previous week’s unrevised level of 213,000. The 4-week moving average was 209,500, a decrease of 2,750 from the previous week’s unrevised average of 212,250. This is the lowest level for this average since December 6, 1969 when it was 204,500.

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