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Nonfarm payrolls increased 151,000 for the month. The unemployment rate is unchanged at 4.9%.  Hourly earnings are increasing at an annualized pace of 2.4%. The biggest jobs gains came in bars and restaurants, which added 34,000 positions, professional and technical services added 20,000 and health care contributed 14,000.

 

U.S. gasoline consumption this year is projected to post a new record. Gasoline consumption is forecast to increase by 1.5% to 9.29 million barrels a day in 2016 beating the previous record set in 2007. (Energy Information Administration)

 

Manufacturing sector contracted in August after five consecutive months of expansion. The ISM manufacturing index hit 49.4 in August. A reading above 50 indicates expansion while a reading below 50 indicates contraction.

 

U.S. labor costs grew faster in the second quarter while worker productivity slumped. The price of labor per unit of output, increased at a 4.3% annual pace.  Hourly compensation per hour jumped at a 3.7% rate. Productivity, which measures hourly output per worker, dropped at a 0.6%. (Labor Department)

 

S&P 500 is up 5 and the NASDAQ is up 16.  MSCI International Index is up 0.65%.

 

Oil is up 75 cents at $44.00 a barrel.

 

Gold is up $10 at $1328 a Troy ounce.

 

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.

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