September planned job cuts declined 22.3 percent from August, but YTD totals still up 26.9 percent versus 2018
Job cuts announced by U.S.-based employers fell to 41,557 in September, down 22.3 percent from August and 24.8 percent year-on-year, and the second-lowest monthly total in 2019. Despite the drop, so far this year through September, planned job cuts were up, 26.9 percent year-on-year, for the highest January-September total since 2015.
September service sector index fell 3.8 points to 52.6 percent
The September NMI® registered 52.6 percent, which is 3.8 percentage points below the August reading of 56.4 percent. The non-manufacturing sector pulled back after reflecting strong growth in August. The respondents are mostly concerned about tariffs, labor resources and the direction of the economy
Mortgage applications rise 8.1 percent as key rate slips below 4.0 percent
The Market Composite Index increased 8.1 percent on a seasonally adjusted basis from one week earlier, with purchase loans up 1.0 percent (+10 percent year-on-year) and refinance activity rising 14.0 (+133 percent year-on-year). The average contract interest rate for 30-year fixed-rate mortgages with decreased to 3.99 percent from 4.02 percent.