Week Ending October 4th – Three Quarters Down
- ISM Manufacturing PMI remains in contraction for the sixth consecutive month; however, the September recorded index was unchanged at August’s level of 47.2. Sentiment around New Orders and Production increased this month, offset by a decrease in sentiment around Employment, Prices and Inventory.
- ISM Services PMI remains in expansion for the third consecutive month. The index grew 3.4% to 54.9% with New Orders and Business Activity leading the increase.
- Job openings in the JOLTS report for August beat expectations by 347k, increasing openings to 8,040k. The number of hires continues to decrease while total separations remain below their pre-covid level.
- Nonfarm Payrolls for September reported above analyst expectations and above the 12-month average. The economy added 254k jobs led by Food and Drinking Place, Health Care, and Government. Additionally, the Unemployment Rate moved lower to 4.1%.
The week ahead:
- NFIB Small Business Index (10/8)
- FOMC September Minutes (10/9)
- Consumer Price Index (10/10)
- Producer Price Index (10/11)
- Earnings: PEP, GM, WYNN (10/8), COST (10/9), AMD, DAL (10/10), BK, JPM, WFC (10/11)
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