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Daily Roundup of Key US Economic Data for Sept. 2

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ADP private payrolls rose by 38,000 in August after a 46,000 gain in July, led by a jobs increase of 45,000 in the education and health services sector and a 16,000 increase in leisure and hospitality payrolls.

Providing some offset, manufacturing payrolls fell by 17,000 and professional and business payrolls declined by 16,000.

Factory new orders rose by 0.9% in July with transportation orders up 2.3% and the remaining categories combining for a 0.6% gain.

Durable goods orders were unrevised from a 1.1% gain in the advances estimate, while nondurable goods new orders rose by 0.7%.

Factory shipments increased by 0.8% and factory inventories rose by 0.4%. When combined with already-published advance estimates for retail and wholesale inventories, business inventories are on pace for a 0.8% gain in the month.

The Mortgage Bankers Association reported a 0.8% gain in mortgage applications in the week ended Aug. 28 after a 1% decline in the previous week. Refinancing activity fell while new home applications increased despite a further uptick in average 30-year fixed mortgage rates.

Total crude oil inventories fell by 7.6 million barrels in the week ended Aug. 28, with commercial oil inventories down 4.5 million barrels and stocks in the US Strategic Petroleum Reserve down 3.1 million barrels. Gasoline inventories declined while distillate inventories increased.

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