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Economic data was abundant today with readings on the jobs market, wage inflation and how the service sector is holding up.
The first report that hit the wires was the ADP Private Payrolls Report showing that employers added 176,000 new jobs in August, just below the 180,000 that was expected. The report is produced from ADP’s actual payroll data and measures the change in nonfarm private employment each month.
Next up was a report from outplacement firm Challenger, Gray & Christmas showing that planned layoffs at companies across the nation surged by nearly 33.8% in August from July by 50,462. This was the highest level since February and up 57% from last year this time. The planned layoffs were concentrated in the industrial goods sector driven by declining global demand for mining equipment and while there is concern, it is not as worrisome as an overall slowdown in construction or manufacturing.
Rounding out the news was the Labor Department’s release of its weekly jobless claims number declining by 9,000 to 323,000 and below the 333,000 that was expected. New claims continue to hover near 6-year lows. Americans that continue to collect benefits fell by 43,000 to 2.95 million.