Last Week:

Markets had a negative week.

The latest jobs number came in above expectations. The prior number was adjusted down from 157,000 jobs down to 147,000. The consensus for the new number (August) was for 190,000, but the new number beat it at 201,000.

The U3 unemployment number remained unchanged at 3.9%.

Average hourly earnings on a year-over-year basis from +2.7%, up to +2.9%.

The ISM manufacturing index blew away expectations. A number above 50 means the economy is expanding. The forecast was for 57.6, and the number came in at 61.3. It’s the highest ISM number since 2004.

Factory orders missed. A month ago the number came in at +0.6%, but the new number (July) dropped -0.8%. A -35% decline in commercial aircraft was given as the reason for the drop.

This Week:

The economic focus of the week: It will come on Friday morning when the latest Retail Sales will be announced. Last month (July’s number) came in at +0.5% growth. Expectations for this month’s number (August) is +0.4%. Since consumer spending is 70% of the U.S. economy, this is an important number.

Indicator focus: August’s Producer Price Index, latest Beige Book (Wed); August’s Consumer Price Index (Thu); August’s retail sales and industrial production, July’s business inventories, and the first read on September’s consumer sentiment (Fri).

Hope you have a great week.


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