October 2013

Initial Unemployment Claims Imply Payroll Growth for Septmber 2013

The DOL reported people filing for initial unemployment insurance benefits in the week ending on September 28th, 2013 was 308,000, a 1,000 increase from the previous week of 307,000.  Since the monthly unemployment report will not be released due to the shutdown, we show below the correlation of initial unemployment claims to payroll growth.

ADP Employment Report Shows 166,000 Private Sector Job Gains for September 2013

ADP's proprietary private payrolls jobs report shows a gain of 166,000 private sector jobs for September 2013.  ADP revised their August job figures down by 17,000 to 159 thousand jobs.  Since the government shut down will cause the BLS September jobs report to not be released, below we compare BLS job figures to the initial ADP release.

ISM Manufacturing PMI at Year High, 56.2% for September 2013

The September ISM Manufacturing Survey shows PMI increased 0.5 percentage points to 56.2%.  Seems the survey results are holding and PMI is now at the highest level for the year, although of course the latest Congressional economic sabotage through shutdown and debt ceiling hostage taking hasn't hit the manufacturing sector yet.

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