US markets closed higher on Friday

02 Sep 2017 Evaluate

The US markets closed higher on Friday, on expectations that a weaker-than-expected rise in August nonfarm payrolls could dull the Federal Reserve’s desire to further raise borrowing costs in 2017. Trading activity was light, with volume subsiding after an initial rush of data as traders prepared for the three-day Labor Day weekend. US financial markets are closed Monday. The New York Federal Reserve increased its estimate of US gross domestic product growth for the third quarter above 2 percent, based largely on surprisingly strong data on domestic manufacturing activity in August. The regional central bank’s ‘Nowcast’ model calculated the economy was expanding at an annualized pace of 2.17 percent in the third quarter.

On the economy front, the US created 156,000 new jobs in August, below forecasts but still enough to keep a growing economy on an even keel. The unemployment rate rose to 4.4% from 4.3%. Wages increased by 3 cents to an average of $26.39 an hour. Hourly pay increased 2.5% from August 2016 to August 2017, unchanged from the prior month. The average workweek dipped 0.1 hour to 34.4 hours. The government cut its estimate of new jobs created in July to 189,000 from 209,000. June's gain was trimmed to 210,000 from 231,000.

Meanwhile, manufacturing activity was the strongest in six years in August. The Institute for Supply Management said its manufacturing index in August climbed to 58.8% from 56.3% in July. That is the highest reading since April 2011. Beneath the headlines revealed a very strong report. The new-orders index dipped just 0.1 point to 60.3%, the production index rose slightly to 61%, and the employment index vaulted 4.7 points to 59.9% - the best since June 2011. Separately, IHS Markit said its manufacturing PMI fell to 52.8 in August from 53.3. It’s a similar report to the ISM gauge.

The Dow Jones Industrial Average added 39.46 points or 0.18 percent to 21,987.56, the Nasdaq gained 6.67 points or 0.10 percent to 6,435.33, and the S&P 500 edged higher by 4.9 points or 0.20 percent to 2,476.55.

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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