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A Hint of Good News

October 3, 2012 – 5:09 pm

Though the market so far this week has been choppy to down the economic statistics have improved ever so slightly. The ISM for manufacturing in September was reported as 51.1 from the previous month of 51.5. The experts felt it was going to drop below the 50 line which would mean shrinkage in that sector. The non-manufacturing, or service sector ISM came in at 55.1 with expectations for it to be 53.7 which would have been the same as August. The service sector of our economy is much more important and this was a surprise to the up side. Construction spending fell by .6% in August when it was expected to increase .7% so that was disappointing though it was fairly minimal. Also, car sales rose more than expected in September to 15 million from 14.5 million.

The most important statistic won’t be out until Friday, the jobs report for September. We had the unofficial number from ADP which stated we produced 162,000 private sector jobs. That was the lowest reported number from them in four months. Recently, their report has not been tracking too closely to the official report so we will have to wait and see. Still, slight improvement in the numbers so far this week is reason for at least a little optimism, just not very much.

Good Trading
Steve Peasley

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