Free Markets, Free People
Economic Statistics for 3 Oct 12
The following US economic statistics were announced today:
ADP private payroll employment for September was estimated at a gain of 162,000, but they’ve been overstating the actual Employment Situation as released by the Labor Department. Last month, the BLS reported half the number of new jobs ADP did. So, if that holds, expect 80,000 net new jobs in Friday’s Employment Situation, which is…not good.
The MBA reports mortgage applications rose 16.6% last week, as purchases rose 4.0% and refinancings rose 20.0%, as homeowners refinanced homes at record rates to take advantage of lower mortgage rates.
The composite index from the ISM non-manufacturing survey for September rose 1.4 points to 55.1, thanks to a big jump in the new orders component to 57.7.