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Weekly economic review & outlook Signs of Delta on both demand and supply

September 08, 2021

You Need to Know

Week in review

Fewer jobs added in August

The Delta variant weighed on hiring for August, but the overall trend remains solid with plenty of demand remaining for labor.

ISM surveys diverge: manufacturing up and services down

Advancing new orders and production helped to lift the manufacturing survey for August.

Week Ahead

Forecasts

Job openings likely to rise a bit to a new record high

We expect job openings to edge a tad higher – setting a record for a fifth straight month – as strong demand for workers continues to collide with low supply.

More rapid input price growth expected

While the most intense upward price pressures should be in the rearview mirror, producers likely still faced rapid price growth in August.

The Delta variant of Covid has been having a growing impact on the economy over the past few months. Last week’s economic data showed this with consumer confidence/sentiment, the ISM services survey, and the employment report. Supply constraints remain a severe bottleneck for the economy and given how much these problems have weighed on the housing market, they are likely to elongate the process of rebuilding for those impacted by Hurricane Ida.

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