August Payrolls Expected Steady.....>

US DATA PREVIEW: August Payrolls Expected Steady at +160k; Downside Risk

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-US employment growth expected to hold steady at +160k on continued low jobless

claims, but slowing service and weaker manufacturing sectors are drags

-ADP reported a better-than-expected 195k gain in August, but rev down July by

12k. 

-ISM Non-Manufacturing employment index slowed to 53.1 following a 56.2 gain in

July

-Manufacturing payrolls may be a drag. ISM Manufacturing in August showed

contraction for the first time in 3 years and half of industries surveyed

reported declines in employment. IHS Markit Manufacturing PMI also registered

its lowest reading since Sept. 2009 at 50.3 and recorded manufacturing

employment growing at its slowest rate in 2 yrs

-Last month, 6-mo avg gain for payrolls fell to a 7-yr low, signaling slower

growth over time