The U.S. labor market slowed in August, generating 156,000 new position during what ended up being the third-worst month for job growth so far this year. Downward revisions to job gains in June and July knocked off 41,000 previously reported jobs from U.S. payrolls. Average job growth over the course of the past three months is now believed to have clocked in at 185,000.
The U.S. economy grew 3% in the second quarter. This is the fastest pace in 2 years, better than initially estimated and a substantial acceleration over the first quarter’s lackluster 1.2% pace. New orders for key U.S.-made capital goods rose slightly more than expected in July and shipments surged.
For the sixth consecutive month, architecture firms reported increasing demand for design services. The July Architectural Billings Index score was 51.9, down from a score of 54.2 in the previous month. This score reflects an increase in design services as any score above 50 indicates an increase in billings.
The August Purchasing Manager’s Index registered at 58.8%, an increase of 2.5 percentage points from the July reading of 56.3%. The New Orders Index registered 60.3%, a decrease of 0.1 percentage points from the July reading of 60.4%.
Senior executives from 25 U.S. steel and steel-related companies have appealed directly to President Donald Trump for immediate import restrictions in a letter seen by Reuters, as a U.S. Commerce Department national security probe languishes and steel imports surge back to 2015 levels.
For more information, view the September 2017 ONI Insight Guide below or contact your local sales representative.ONI Insight September 2017