S&P500 +3.84% (3,477.13); NASDAQ +4.56% (11,579.94); DJIA +3.27% (28,586.90)
This week’s reports:
- September’s Markit Services PMI declined to 54.6 from August’s 55.0. September’s data signals a solid upturn in service sector business activity, albeit one that is slightly slower than August’s recent high. The expansion was largely driven by a faster rise in new business. Composite PMI inched down to 54.3 from August’s 54.4.
- September’s ISM Services PMI rose to 57.8 from August’s 56.9. This reading represents growth in the services sector for the fourth straight month and the 126th time in the last 128 months, except for April’s and May’s contraction.
- August’s Wholesale Inventories rose 0.4% from July’s +0.5%.
- September’s Consumer Credit fell by $7.22 billion from August’s +14.67 billion; it was expected to rise by 13.75 billion. US consumer borrowing fell as credit card balances declined for a sixth consecutive month. Revolving credit fell $9.4 billion, the most in three months. The decrease left outstanding revolving credit at $985.3 billion, its lowest since June 2017. Non-revolving debt rose by $2.2 billion.
- Initial Jobless Claims for the week ending October 3rd declined by 9K to 840K, versus the expected decline to 820K. Continuing Jobless Claims for the week ending September 26th fell by 1.003M to 10.976M, versus the expectations of a decrease to 11.4M continuing claims. The advance seasonally adjusted insured unemployment rate was 7.5%, a decrease of 0.7% from the previous week’s rate.