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Midwest Manufacturing Index Unexpectedly Slides into Negative Zone
Business conditions in the Midwest deteriorated in September, resuming a ten-month contractionary trend that had been broken in August. The Chicago Business Barometer fell 3.9 points to 46.1, hurting forecasts for the nationwide survey of manufacturing conditions coming out this Friday.rnrnThe unexpected slide caused markets to leap down more than 1% in the minutes following the release.rn
Q2 GDP Fell 0.7%, Better than Forecasts
GDP in the second quarter was unexpectedly pushed up in the final revisions released today. Forecasters were looking for the originally reported dip of -1.0% to be revised down to -1.2%, but instead it came in at -0.7%.rnrnNo major category was responsible for the better-than-expected figure. Analysts at RDQ said “broad-based but small upward revisions†were responsible as the recession drew to a close.rnrn“With no significant revision to second-quarter inventory investment, we remain of the view that third-quarter real GDP growth will be close to 3.5%,†they said.
ADP: 254k Jobs Lost in September
Private jobs shrunk at their slowest monthly pace since July of 2008 in September, according to the ADP employment survey, which tracks payrolls from private industry. rnrnADP said 254,000 jobs were lost in September, including 103,000 in the services sector and 151,000 in the manufacturing sector. Wall Street was disappointed with the results though, as forecasters were looking for a total decline of 195k jobs.rnrnEconomists said the report would have little impact as the ADP survey has been off in recent months, and traders are more concerned with the official statistics coming out Friday.
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