Private employment in August from ADP missed big this morning, coming in at about half the 950k jobs expected. However, Factory Orders in July handily beat estimates.

It seems the American manufacturing segment is recovering, while jobs are still scarce as the lockdowns continue. This makes sense as restaurants, airlines, etc are just not hiring like they used to.

After a solid 6.2% surge in June, US factory orders were expected to improve on that bounce with a 6.2% rise in July (especially after the scream higher in ISM Manufacturing's New Orders index yesterday), but the data was even better with a 6.4% rise (and a revised higher 6.4% rise in June), reported Zero Hedge.

ADP. Employment Change (Aug) printed at 428k vs 950k consensus estimate.

ISM-NY Business Conditions Index (Aug) printed at 42.9.

Factory Orders (MoM) (Jul) printed at 6.4% vs 6.0% estimate.

EIA Crude Oil Stocks Change (Aug 28) printed at -9.362M vs -1.887M estimate.

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