Markets: In August, Stock Markets dipped a touch while the 10-year Treasury and WTI Oil rose a bit.
S&P roller coaster last week: Up, up a lot, up, down, and up.
Fed Balance Sheet: $8.121 trillion (down -$18 billion). Reminder: their balance sheet was closer to $4 trillion before the Pandemic.
Inflation: The PCE (Personal Consumption & Expenditures index) came out last Thursday. As expected, the YOY number moved from 3.0% up to 3.3%. The Core PCE (without food and fuel) rose a tick from 4.1% up to 4.2%. This is the metric the Federal Reserve focuses on for Inflation. And this rise in the PCE could give them cover to continue to raise rates a ¼ point on a quarterly basis. We will see.
ISM: Their manufacturing index rose form 46.4 up to 47.6 (consensus was for 46.8). A number above 50 implies an expansion of the economy, while a number below 50 implies a contraction.
Jobs: The jobs number was expected to come in about 170,000 jobs. It came in slightly above expectations at 187,000.
Jobless claims: The weekly number came in at 228,000. The four-week average came in at 237,000.
Radio: Bill was off last Friday for the holiday weekend. You can hear Bill and I talk about Markets and the Economy most Friday mornings at 6:40am, 7:40am, and 8:40am on WTAM 1100 AM.
Unemployment: The U3 unemployment number rose from 3.5% up to 3.8%. The expectations was it would have remained at 3.5%.
Focus of the week: Coming off the Labor Day holiday, it looks to be a quiet week.
Holiday: U.S. Markets were closed yesterday in observance of the Labor Day holiday.
Economic calendar: Factory orders (Tue); the trade deficit, ISM services index, the Beige Book (Wed); and jobless claims (Thu).