UPDATE 1005 EST Services PMI comes in strong…inline or beats…
Economic data continues to come in mixed. The job market is slowly getting better but service jobs are not recovering as fast as they could due to political lockdowns in Democrat-controlled cities, riots, looting, and burning.
Initial jobless claims were better than expected, and labor costs also beat.
The trade deficit unexpectedly worsened. The largest exporter in the U.S., Boeing, most likely had a role in this due to cancelled orders, demand contraction and production delays.
Financial markets are showing weakness on the open coming on the heels of yesterday’s stellar move to the upside. However, as more and more pundits see Trump will be re-elected, we expect the market to continue to march higher, especially in the face of the Fed’s new dovishness on inflation.
Trade Balance (Jul) printed at -$63.6B vs -$58B consensus estimate.
Continuing Jobless Claims (Oct 21) printed at 13.254M vs 14M estimate.
Nonfarm Productivity (Q2) printed at 10.1% vs 7.5% estimate.
Initial Jobless Claims (Oct 28) printed at 881k vs 950k estimate.
Unit Labor Costs (Q2) printed at 9% vs 12.1% estimate.
Initial Jobless Claims 4-week average (Aug 28) printed at 991.75k vs 1059k estimate.
Markit Services PMI (Aug) printed at 55 vs 54.8 estimate.
Markit PMI Composite (Aug) printed at 54.6 vs 54.7 estimate.
ISM Services New Orders Index (Aug) printed at 56.8 vs 56.5 estimate.
ISM Services PMI (Aug) printed at 56.9 vs 57 estimate.
ISM Service Employment Index (Aug) printed at 47.9 vs 31.9 estimate.
ISM Services Prices Paid (Aug) printed at 64.2 vs 61.7 estimate.
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