The Markets in Minutes

By ProVisor

  • The August ISM manufacturing index fell to 49.1%, the lowest reading in 3+ years. A reading below 50% indicates contraction in manufacturing activity.
  • Private payrolls rose more than anticipated, according to ADP. The private sector added 195,000 jobs in August, better than the expected 149,000 increase.
  • The economy grew at a modest pace in July and August. A majority of businesses report being optimistic, and consumer spending increased solidly.

  • Construction spending grew slightly in July, by 0.1% over the revised June estimate. Residential construction spending rose 0.6% from the previous month.
  • Millennials are jumping into homeownership in larger numbers, driving up home prices as inventory remains an issue, according to a recent CoreLogic report.
  • Home inventory for sale at the end of July was nearly 2% lower than a year ago. In July there was a 4.2-month supply of homes for sale, according to NAR.