From the Desk - Economic Commentary
Scott Goedken, Director of Institutional Strategies - 9/2/2026
U.S. stocks are higher Wednesday morning, with all three major averages trading in positive territory. Treasury yields are moving lower this morning, as are oil prices.
The ADP Employment Report showed private-sector payrolls increased by 38,000 jobs in August, below expectations for a gain of 47,000. July payroll growth was revised higher to 46,000 from the previously reported 44,000. The report also showed base pay for all workers increased 3.2% from a year ago.
Factory orders increased 0.9% in July following a 0.2% decline in June.
MBA mortgage applications increased 0.8% last week following a 1.0% decline the prior week. Purchase applications rose 2.2%, while refinance applications declined 1.1%. The average interest rate for a conforming 30-year mortgage increased to 6.79% from 6.78% the prior week.
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