Wednesday's market wrap covers the duo of labor market reports that reached the wire, the ADP Private Employment report and the Challenger, Gray & Christmas Announced Corporate Layoffs data. Also find coverage of the MBA's Weekly Applications data, EIA's Petroleum Status Report and ISM's Non-Manufacturing Index.
"The Greek" earned clients a 23% average annual return over five years as a stock analyst on Wall Street. While writing for Wall Street Greek and others, he presciently predicted the financial crisis and housing and banking failures of the Great Recession. Visit the front pages of Wall Street Greek now to see our current coverage of business news, the global economy & financial markets, real estate, shipping, fine art & antiquities and global affairs.
Two labor market reports keyed Wednesday's wire, with the ADP and Challenger data points published. This report has been prepared differently than our usual publishing. You will find it purely factual, but continue to look for our value added analysis in future works. That said, we believe this information is important and should be reviewed and understood by readers, and so we are providing it.
Challenger Job-Cuts Report
Challenger, Gray & Christmas reported on Announced Corporate Layoffs Wednesday. Challenger's last report for the month of June showed planned job-cuts numbered 39,358, up from 38,810 in May. July's data was little different, with announced layoffs numbering 41,676. That said, we see August layoffs coming as the average workweek has shrunk of late and manufacturing activity is cooling.
ADP's Private Employment Report
ADP's Private Employment Report came due Wednesday morning, offering a prelude to Friday's DOL labor data point. After the data showed private employment increased by 19K in June (revised up from 13K), the report indicated private employers added 42,000 jobs in July. In June, the Department of Labor's data followed up ADP by showing private payrolls increased by 83K. Economists see the DOL's data showing a 100K increase in private payrolls and a 70K decrease in total nonfarm payrolls, which include public sector activity.
MBA's Weekly Mortgage Applications
The Mortgage Bankers Association reported on Weekly Applications as usual in the premarket Wednesday. In the week ended July 30, the Market Composite of mortgage application activity increased by 1.3%. The Purchase Index improved by 1.5%, and as average contracted mortgage rates eased a bit, the Refinance Index also gained 1.3%. The average contracted rates on 30-year and 15-year fixed rate mortgages moved lower to 4.6% (from 4.69%) and 4.03% (from 4.12%), respectively.
ISM's Non-Manufacturing Index
ISM reported on its Non-Manufacturing Index Wednesday. The index fell to its lowest level since February in June, falling 1.6 points to 53.8%. Economists were looking for a lower reading in July, to 53.0%, but the service sector bounced as ISM's measure showed a gain to 54.3%.
EIA Petroleum Status Report
The EIA reports on Petroleum Status at 10:30 each Wednesday. This week's report covering the period ended July 30 showed crude oil inventory decreased by 2.8 million barrels (increased week before by 7.3 million). Crude levels remain above the upper limit of the average range for this time of year. Gasoline stores increased by 0.7 million barrels and are also above the upper limit of the average range for this time of year.
Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.
Inquiries about Wall Street Greek content and advertising services can be emailed to Advertise @WallStreetGreek.com. Article sponsored by Digg Wall Street Greek.