U.S. stocks were poised to start September off on a positive note, following weak performance in August. Many overseas markets were also higher on positive growth news out of China and Australia.
Employment data released before the opening showed private hiring shrank, but planned layoffs fell. The Challenger, Gray, & Christmas report showed layoff announcements fell from 41,676 in July to 34,768 in August. This marks the lowest total of the recovery. Separately, the ADP employment report for August showed the private sector loosing 10,000 jobs in the month.
At 10:00 am ET, the Institute of Supply Management issues its monthly manufacturing index. The consensus calls for the reading to drop to 52.5 for August from 55.5 in July. A reading above 50 indicates expansion in manufacturing and a reading below indicates contraction. Also released at the same time, July construction spending figures are expected to show a 0.5% drop following a 0.1% increase in June.
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