The Non-Manufacturing Index registered 57.1 percent in September, 5.7 percentage points higher than the August reading of 51.4 percent. This represents continued growth in the non-manufacturing sector at a faster rate. The Non-Manufacturing Business Activity Index increased substantially to 60.3 percent, 8.5 percentage points higher than the August reading of 51.8 percent, reflecting growth for the 86th consecutive month, at a noticeably faster rate in September.
On Thursday Unemployment Claims data was published. Filings for U.S. unemployment benefits fell last week to the second-lowest level since 1973, as employers show scant willingness to fire workers amid a tightening labor market. Jobless claims dropped by 5,000 to 249,000 in the week ended Oct. 1, a Labor Department report showed Thursday in Washington. The median forecast in a Bloomberg survey called for 256,000. Continuing claims declined to the lowest level since 2000.
Friday was marked by NFP figures. Employers continued to add to payrolls in September as record openings drew more Americans into the workforce and most found jobs, indicating the U.S. labor market is settling into a pace that will support the economy. The 156,000 increase followed a 167,000 rise in August that was more than previously estimated, a Labor Department report showed Friday in Washington. While the September figure was weaker than the 172,000 median forecast of economists, payrolls included the biggest drop in government employment in a year. The jobless rate rose to 5 percent as the labor participation rate ticked up to a six-month high.
This week markets will be looking at:
FOMC Meeting Minutes (Wednesday 20:00)
Unemployment Claims (Thursday 14:30)
PPI (Friday 14:30)
Retail Sales (Friday 14:30)
Prelim UoM Consumer Sentiment (Friday 16:00)
