The early releases this morning were mixed with ADP showing a slight decline in private payrolls of 10,000 for August while the Challenger Job Cut Announcements report showed the fewest corporate layoff announcements since June 2000. For August, Challenger shows 34,768 announced layoffs versus an average of 107,000 for all of 2009. Mortgage applications were up 2.7% for the week with purchase applications rising 1.8% according to the Mortgage Bankers Association.
The main data today was the ISM Manufacturing Index. This data was a huge surprise, jumping to 61.5 from 57.5. Expectations were for a dip to 55.3. In fact, given the fact that several of the regional surveys came up short recently, expectations may have been for a small miss to the downside.
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