Thursday’s macro posts showed private sector employment up 201K in August according to ADP, the largest climb in five months, compared to July’s upward-revised 173K (revised from 163K), and above forecasts of a 143K advance. The advance in ADP’s reported new hirings came from small businesses and service providers.
Weekly jobless claims fell 12K to a less-than-expected 365K for the week ending September 1, from 377 the previous week, well below estimates of 375K.
Outplacement firm Challenger Gray reported 32,239 job cuts planned in August, less than July’s 36,855.
The ISM non-manufacturing index revealed a surprise increase to 53.7 in August from July’s 52.6, up from forecasts of a decline to 53.0. Of Fed-watching significance, the employment index rose 4.5 points to 53.8; business activity/production fell 1.6 points to 55.6. |