9/6: MetroIntelligence Economic Update by P. DUFFY

ADP:  August private-sector employment rose by 195,000 jobs

Private sector employment increased by 195,000 jobs in August, with nearly all the gains noted in the service-producing sector.  This rate of growth compares with 142,000 in July and 159,000 in August of 2018.

https://www.adpemploymentreport.com/2019/August/NER/docs/ADP-NATIONAL-EMPLOYMENT-REPORT-August2019-Final-Press-Release.pdf

 

August planned job cuts rose 38 percent from July and 39 percent year-on-year

U.S.-based employers ramped up the pace of downsizing in August, as companies announced plans to cut 53,480 jobs from their payrolls, up 38 percent from July and 39 percent year-on-year. So far this year, employers have announced plans to cut 423,312 jobs from their payrolls, up 36.2 percent versus the same months of 2018.

http://www.challengergray.com/press/press-releases/challenger-report-53480-announced-cuts-led-tech-trade-issues-growing-concern

 

Service sector index rebounds to 56.4 in August

The NMI® registered 56.4 percent in August, which is 2.7 percentage points higher than the July reading of 53.7 percent. The non-manufacturing sector’s rate of growth rebounded after two consecutive months of cooling off. The respondents remain concerned about tariffs and geopolitical uncertainty; however, they are mostly positive about business conditions.

https://www.instituteforsupplymanagement.org/ISMReport/NonMfgROB.cfm?SSO=1