Ke data:
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New Orders: 48.9 (Forecast 50, Previous 51.4)
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Prices Paid: 61.9 (Forecast 62.7, Previous 63.7)
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Employment: 45.3 (Forecast 44.3, Previous 43.8)
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Manufacturing: 49.1 (Forecast 49, Previous 48.7)
Although the main index is increasing as anticipated, the complete data set presents a mixed outlook for the U.S. economy. Inflationary pressures are easing somewhat but still remain at a very high level. More notably, new orders have dropped below the 50-point threshold again — after rising above 50 points in August for the first time since February. The employment subindex shows a hopeful rebound, yet it still stays under 50 points. The ADP report revealed a very weak employment change, and it’s likely that the upcoming Friday’s NFP report will not be released. Therefore, this is the current picture from the labor market data.