by 2 month average is 167,500: Highlights ADP is calling for a limited snap back in the October employment report. ADP sees private payrolls rising 235,000 which is just on the high side of ADP’s usual estimates. Actual private payrolls fell 40,000 in September, pulled down by hurricane dislocations. Today’s results may, only on the margin, pull down expectations for Friday’s private payrolls where the consensus is currently 320,000. Service sector employment growth began it’s deceleration at the end of 2014 when oil capex collapsed: Highlights The non-residential sector gets a downgrade in today’s construction spending report where the headline increase, at 0.3 percent in September, nevertheless beats the consensus by 3 tenths. Private non-residential spending, however,
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2 month average is 167,500:
Highlights
ADP is calling for a limited snap back in the October employment report. ADP sees private payrolls rising 235,000 which is just on the high side of ADP’s usual estimates. Actual private payrolls fell 40,000 in September, pulled down by hurricane dislocations. Today’s results may, only on the margin, pull down expectations for Friday’s private payrolls where the consensus is currently 320,000.
Service sector employment growth began it’s deceleration at the end of 2014 when oil capex collapsed:
Highlights
The non-residential sector gets a downgrade in today’s construction spending report where the headline increase, at 0.3 percent in September, nevertheless beats the consensus by 3 tenths. Private non-residential spending, however, fell a steep 0.8 percent following a sharply downward revised 0.7 percent decline in August. Year-on-year, this reading is down 3.8 percent with weakness most evident in manufacturing and office building that offsets gains for commercial building.
The residential side, though unchanged in September, shows much more strength with a year-on-year rise of 9.6 percent. Spending on both new single-family and new multi-family homes actually increased in the month, up 0.2 and 0.6 percent respectively, but spending on home improvements fell back 0.6 percent.
Public spending improved in the month led by a 5.2 percent gain for educational building. Highway & street spending rose 1.1 percent in the month but the yearly decline is still steep at 7.4 percent. Both Federal and state & local spending rose in the month but are down in the low single-digits on the year.
This is a mixed report for what has proven to be an uneven year for the construction and housing sectors.
All three look like they’re in decline to me:
Down from last month but better than expected on post hurricane replacement buying:
From : WardsAuto
Another month ended well beyond expectations, as replacement sales and inventory clear-out boosted the daily sales rate to a 15-year high.
U.S. automakers sold 1.35 million vehicles in October, resulting in a daily sales rate of 53,945, 2.6% above prior-year.
A 18.00 million SAAR was ahead of year-ago’s 17.80 million and behind prior-month’s exceptionally high 18.48 million mark.
That is up 1% from October 2016, and down 2.6% from last month.
Saudis set price via their discounts and let quantity sold float. Note that their discounts seem to have turned south, indicating
they are looking remove the upward pressure on prices since their prior discount adjustments:
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