2022-08-31

Wrap

ADP showed an estimated 132K jobs created in Aug, well below the 270K in July. Job creation is definitely coming down, but I’m not convinced that it will drag us down into a recession. Obviously, the data is for the US, but it’s going to be worse in Europe, surely.

The markets bounced around. Not a great deal of change.

In other news: - China’s August Manufacturing PMI contracted for the second straight month. - The Mortgage Bankers Association’s mortgage applications index declined 3.7% week-over-week with purchase applications down 2%. - The eurozone’s preliminary August CPI was up 9.1% year-over-year, which is a new record high.