Private Jobs Disappoint.

MBA Mortgage Applications (week ended 7/32/2015)

– Purchase Index Week/Week +3.0%. Previous weeks were +0.8%, -0.1%, +1.0%, -8.0%, +7.0%, -4.0%, +1.0%. -4.0%, +10.0%, -3.0%, +1.0%, -4.0%, -0.2%, and +1.0%.

– Refinance Index Week/Week +6.0%. Previous weeks were +2.0%, -1.0%, +4.0%, +3.0%, -5.0%, +2.0%, -7.0%, +7.0%, -12.0%, -4.0%, +0.3%, and -6.0%.

– Composite Index Week/Week +0.8%. Previous weeks were +0.1%, -1.9%, +4.6%, -4.7%, +1.6%, -5.5%, +8.4%, -7.6%, -1.6%, -1.5%, -3.5%, and -4.6%.

 

ADP Private Jobs (July 2015)

– Private Jobs  185,000. Previous revised down to 229,000.

Lately BLS has tracked ADP quite well and this is an indication that Friday’s BLS will be weaker than had been expected. This could diminish the Fed’s inclination to increase rates.

 

Trade Deficit (June 2015)

– Trade Deficit $43.8 billion.  Previous was $40.9 billion.

The stronger US$ increases imports because they are less expensive and decreases exports because they are more expensive tending to increase the Trade Deficit and decrease GDP.  In addition, commodity price volatility is a significant factor.

 

PMI Services Index  (July 2015)

– Index level 55.7. Previous was 54.8.

ISM Non-Manufacturing Index (July 2015)

– Composite Index  60.3. Previous was 56.0.