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The U.S. workforce shrank by 33,000 jobs in September as employment was undercut by hurricanes Harvey and Irma. It was the first contraction in seven years. Economists polled had predicted a 75,000 increase in nonfarm jobs, but estimates were all over the map because of uncertainty about the effects of the storms. The unemployment rate,
READ MOREThe U.S. trade deficit dropped 2.7% in August to $42.4 billion from $43.6 billion in July. Economists polled by MarketWatch had forecast a $42.6 billion gap. Imports slipped 0.1% to $237.7 billion. Exports rose 0.4% to $195.3 billion, the Commerce Department said Thursday.
READ MOREThe Institute for Supply Management’s index of service-oriented companies such as banks and retailers jumped to a 12-year high of 59.8% in September from 55.3%. The last time the index was higher was in August 2005.
READ MORESeptember ISM Non-Manufacturing (Services) hit 59.8 vs. estimates of 55.5 This is a strong reading considering anything above 50 is expansionary and the Services sector accounts for more than 2/3 of our economic output. This is very negative for bonds and interest rate pricing.
READ MOREPrivate-sector employment slowed in September as firms added 135,000 jobs ADP reported Wednesday. The gain was close to estimates which had forecast a September gain of 140,000 jobs, compared with an original reported increase of 237,000 for August. On Wednesday, ADP revised August’s gain to 228,000.
READ MOREMinneapolis Fed President Neel Kashari on Monday openly disagreed with Fed Chairwoman Janet Yellen by urging the central bank not to raise interest rates again until inflation hits the central bank’s 2% annual target. “My preference would be not to raise rates again until we actually hit 2% core PCE inflation on a 12- month
READ MORESpending increased 0.5% during the month, and stood 2.5% higher than a year ago. Outlays were at a seasonally adjusted annual $1.22 trillion rate in August, while July’s initial tally was revised up to $1.212 trillion. The median forecast among economists surveyed by was for a 0.4% increase.
READ MOREConsumer spending rose 0.1% in August. If adjusted for inflation, however, spending fell for the first time since January. Personal income climbed 0.2%, above the 0.1% forecast. The savings rate was flat at 3.6%. The PCE index, the Federal Reserve’s preferred inflation gauge, increased 0.1% in August. The closely followed “core” rate that strips out
READ MOREInitial U.S. jobless claims, a tool to measure layoffs, rose by 12,000 to 272,000 in the seven days stretching from Sept. 17 to Sept. 23.
READ MOREThe U.S. economy grew a bit faster than previously estimated in the second quarter, recording its quickest pace in more than two years.
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