Photo: DEI_GR via Flickr
Finally, the week really begins tomorrow, as we get our first taste of fresh labour data.Friday, of course, comes the huge jobs report, but tomorrow is ADP (and ISM services).
Here’s the quick take from Nomura:
ADP employment: ADP data will guide market expectations for September private payrolls. Consensus is looking for an increase of 88k, less than our forecast for 110k.
ISM non-manufacturing: The ISM nonmanufacturing index surprisingly increased in August to 53.3. In September, we expect a further gain to 54.0 (Consensus: 53.3).
Of course, Thursday, as always, brings us initial claims, which is also always important.