ADP: Private sector job growth rose another 135,000 in September
Private-sector employment increased by 135,000 in September on a seasonally adjusted basis. This rate of job growth compares with 157,000 in August and 199,000 in September 2018. So far in 2019, job growth has averaged 165,000 jobs per month versus 222,000 for the same period in 2018, or down 25.6 percent.
September manufacturing index fell again to 47.8 percent, lowest since June 2009
The ISM U.S. manufacturing purchasing managers’ index fell 1.3 points to 47.8 percent in September, or the lowest since June 2009 (anything below 50 indicates contraction in that sector). September was also the second consecutive month when the index fell, and at higher pace than in August. Global trade remains the most significant issue, as demonstrated by the contraction in new export orders that began in July 2019.
Construction spending rose 0.1 percent in August and 1.9 percent year-on-year
Outlays for U.S. construction projects rose 0.1 percent in August and 1.9 percent year-on-year to an annual rate of $1.29 trillion. However, residential construction rose 0.9 percent from July, and public construction projects rose 0.4 percent. For the first eight months of this year, construction spending amounted to $851.3 billion, down 2.3 percent for the same period of 2018.