Jobless Claims, Layoffs, PMI, Construction Spending All Point to Resilient Economy
IXIC sits 29% above its 52-week low of $20,690.249 on light trading volume (0.3× avg).
Summary
Thursday's data dump shows a labor market that remains tight and a manufacturing sector still expanding. Initial jobless claims came in at 197,000, below expectations, while Challenger layoffs fell 18% month-over-month to the lowest September level in four years. ISM manufacturing PMI held at 54.5, its ninth straight month above 50, and S&P Global's final PMI accelerated to 55.9. Construction spending unexpectedly rose 0.9% in August, driven by private projects. The resilience supports the case for further Fed rate hikes, though the odds of an October hike dipped slightly. This is the first comprehensive read on September economic activity and will shape positioning into next week's services PMI and the next FOMC meeting.
At the time of this announcement, IXIC was trading at $26,768.61 on NASDAQ in the Trade & Services sector. The 52-week trading range was $20,690.25 to $27,288.79. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Reuters.