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ISM Services employment (orange) is holding up better than ISM Manufacturing employment (blue), but it's just barely in expansion for now

Uptick in ⁦S&P Global⁩ U.S. Services PMI continues to be consistent with stronger services output (q/q annualized)

New orders components for ISM Manufacturing (blue) and Services (orange) continue to move in opposite directions, with former falling further into contraction

Volatility in job cut announcement changes for retail sector has subsided over past year ... minor uptick in August, but nothing compared to massive increases in 2023

Mostly an inverse correlation between WTI crude price and crude oil inventories ... as inventories decrease, prices tend to rise (vice-versa) ⁦Arbor Data Science⁩

MA breadth charts updated thru yesterday’s close

Performance: index tables and Mag7 chart/table updated thru yesterday’s close

August nonfarm payrolls +142k vs. +165k est. & +89k in prior month (revised down from +114k in prior month)

August unemployment rate down from 4.3% to 4.2%

August household survey +168k vs. +67k prior

Another uptick in permanent job losses (blue) in August … downtick in temporary layoffs (orange)

Full-time employment (blue) -438k in August … part-time (orange) employment +527k

Another tick down in % of individuals unemployed for at least 27 weeks in August … second consecutive decline

Labor force participation rate unchanged at 62.7% in August

Prime-age labor force participation rate ticked down slightly in August to 83.9%

Our latest #OnInvesting podcast episode has dropped, on which ⁦Kathy Jones⁩ and I do a labor market deep dive link.chtbl.com/on-investing-e…