U.S. stocks retreated yesterday for a third straight day. Index futures dropped early this morning following the ADP job report which showed employers cut more jobs in August than economist expected, though less than July. Separately, planned layoffs fell in August. We will get more details on the employment situation this Friday when the Labor Department releases its August Payroll figures.
U.S. non-farm productivity was stronger than initially thought in the second quarter. The Labor Department said non-farm productivity rose at a 6.6% annual rate, rather than the 6.4% reported last month. That was the biggest increase since the third quarter of 2003.
At 10:00 am ET, July factory orders will be released, with economists expecting a 1.8% increase. At 10:30 am, the Energy Department will be out with its weekly oil inventory numbers, and at 2:00 pm, the minutes to the most recent FOMC meeting will be release.
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