The ADP employment report for August projects private payroll growth of 91,000, slightly below economists’ expectations of 100,000, and higher than the Labor Department’s projected total nonfarm payroll number at around 60,000, assuming 30,000 loss of government jobs. Recall this report will be released early Friday morning.
Mortgage applications fell 9.6% for the week ending August 26 as refinance applications fell 12.2%. The spike in refinance applications looks to be leveling off after mortgage rates bottomed out.
The Institute for Supply Management—Chicago reported is business barometer fell to 56.5 in August from 58.8 in July. This region’s activity appears to be stronger than most have reported, however, the national index, which will be released Thursday morning, is expected to reflect a decline in manufacturing.
Market reaction to the data has been somewhat muted with bond prices recovering early losses to be flat on the day, and stocks are trending higher. Mortgage pricing is worse by .125%.
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