Week 35-2023 | Rating

Week 35-2023 | Chart

Week 35-2023 | News

10-Year Treasury Yield

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ISM Manufacturing Index

The ISM Manufacturing Index Increased to 47.6 in August 2023. To print this post click here. Implications: Activity in the US factory sector contracted for the tenth month in a row in August, though at a slightly slower pace. Looking at the details, only five of eighteen industries reported growth in August. The August Manufacturing PMI® registered 47.6 percent, 1.2 percentage points higher than the 46.4 percent recorded in July. Regarding the overall economy, this figure indicates a ninth month of contraction after a 30-month period of expansion. The New Orders Index remained in contraction territory at 46.8 percent, 0.5 percentage point lower than the figure of 47.3 percent recorded in July.

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MBA Purchase Applications

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Jobless Claims

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Employment

Unemployment rate unexpectedly rose to 3.8% in August as payrolls increased by 187,000. Nonfarm payrolls increased by 187,000 in August, ahead of the estimate for 170,000. The counts for June and July were revised considerably lower. However, the unemployment rate was 3.8%, up significantly from July and the highest since February 2022. The “real” unemployment rate jumped to 7.1%. Health care showed the biggest gain by sector, adding 71,000. Other leaders were leisure and hospitality, social assistance, and construction. Average hourly earnings rose 0.2% for the month and 4.3% from a year ago, both slightly below forecasts.

Real GDP

U.S. second-quarter GDP growth revised lower. U.S. economic growth was revised lower to a still-solid pace in the second quarter, but momentum appears to have picked up early in the third quarter as a tight labor market underpins consumer spending. Gross domestic product increased at a 2.1% annualized rate last quarter, the government said on Wednesday in its second estimate of GDP for the April-June period. That was revised down from the 2.4% pace reported last month. Economists polled by Reuters had expected GDP for the second quarter would be unrevised. The revision reflected downgrades to inventory investment as well as business spending on equipment and intellectual property products.

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Mortgage Rates

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