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Jobs Miss Again
The Market Bull 2018

00:00 / 2:03

That major averages fell in early trade after additional revelations of the Trump administrations internal dysfunction hit the tape. Bitcoin retests $6,500 as the various crypto currencies get hammered again.

Productivity advanced a slightly below consensus 2.9% in the 2nd quarter on a revised basis. A solid number to be sure but it follows 2 quarters of zero growth. Unit labor costs snapped a string of 3 solid gains with a 1% decline.

The Institute of Supply Manufacturers Non-Manufacturing or services index advanced 2.8 points in August to 58.5 on broad based incremental gains. Prices paid slipped a little but remained high at 62.8.

Factory orders fell more than expected in July with a .8% decline, snapping a pair of gains to register a 4th consecutive anemic month for the series on pronounced weakness in durable goods orders. The proxy for business spending non-defense capital goods ex-aircraft gained a robust 1.6% for the month a 4th consecutive solid advance.

The official employment report is due tomorrow with expectations for 190,000 new jobs. That said employment growth has been coming in weak of late. Payrolls company ADP reports a below consensus 163,000 new jobs for August, continuing the disappointing.

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