After the surprisingly poor August payroll report, analysts expect the disappointing trend to continue and forecast a below-trend 145k nonfarm payrolls in September. While the risk is to the upside, the whisper number is for a sub-100K print.
"... inflows of new business have almost stalled... firms report a net drop in headcounts for the first time since 2010...weakest back-to-back expansions of business activity since 2009..."
The US will impose a total of $7.5 billion in retaliatory tariffs on EU imports starting October 18, with 10% tariffs on large commercial aircraft, and 25% on agricultural and other industrial goods.
Just in case you thought the ISM number was a flukey 'transitory' one-off, the New York City ISM just plunged, with the outlook collapsing to its lowest since Feb 2009.
“Businesses have turned more cautious in their hiring. Small businesses have become especially hesitant. If businesses pull back any further, unemployment will begin to rise."
"The gold standard is certainly not a perfect or ideal standard.. but nobody is in a position to tell us how something more satisfactory could be put in place of the gold standard..."
Despite hope that August's bounce back into expansion would continue, September saw the key survey slump back into contraction (47.1 vs 50.0 exp) for the 3rd month in the last four...
