Little ahead of expectation. The employment number has picked up a little bit as well. But you need some real analysis on what is happening here. Theres one man to ask, mike mckee, bloombergs International Economics and policy correspondent. Michael read into it what you want. The numbers for ism do come in at a headline level lower than the last month. 56 last month, 55. 4 this month. It would suggest a be a little slowing, but that is the statistical anomaly probably. It isnt a major change. We see drops in new orders and production, but those were very healthy. For for new orders, 61 production. It is not positive. There is still some contraction, but it is up to 49. 6 from 46. 4 . It does suggest some progress in adding back some of the jobs that were lost. Customer inventories is an interesting category a lot of people has been what a lot of people have been watching. Do you need to increase manufacturing to replenish those inventories . That would suggest that you do. New export
Worldwide on Bloomberg Radio and Bloomberg Television. Weve been doing this for 19 years. Each year is different. Vice president pence will travel here to the memorial site, maybe with Vice President biden in attendance as well come on his way to pennsylvania. It is a most different september 11. Jonathan 8 46 eastern is the first moment of silence as we observe United Airlines flight 11 striking the north tower 19 years ago. Tom there are all sorts of remembrances, but no one on this team but Lisa Abramowicz understands this. To go back 19 years, really and ask ordinary moment for those of you native to this island. Lisa you nailed it when you year is residents this notable and poignant in outoftheway in another way. After 9 11, 2001, was the silence. Airplanes were in flying overhead werent flying overhead. The nose of the city the noise of the city. Was gone. Now we are having that again. Tom definitely looking towards 8 44 and the first remembrance. Just an interesting day to say t
Tomorrow. We will have our fed coverage as usual. Then onto an exceptionally busy end of the week. Theres no question about it, you wonder where this stimulus debate will be in washington by the end of the week and into the sunday talk shows. Jonathan 98 days until the election, you would think washington, d. C. Would get it together. Just as the economy starts to roll over, as that recovery starts to plateau, the collective will to do a whole lot more fades. That is the story, and it is always the story you when you exit the immediate crisis, the collective will fades. Tom Lawrence Kudlow still talking about a vshaped recovery. I am looking at the 3m and 16 , 20 s, unemployment. Where is the recovery . Jonathan as of q3, theres your v. After that you rollover. That is what everyone is expecting, even with the reopening. Everyone expected that mechanical lift as you go from shut down to reopen pretty much every economist expected it to fade as we got deeper into the summer. The big con
In brussels. Then you rollover in the stimulus, and the struggle is to get to august. That is what they are going to do at the white house today to have senator mcconnell go up to. Ee mr. Trump this is a Republican Party in fullscale panic. Jonathan congress returning to work. A 2 trillion spread between democrats and republicans going into these negotiations. Lisa it will be really interesting to see what President Trump is demanding and what he is willing to give up. Lets start with what tom already laid out. 4 00 a. M. Eastern time or p. M. Brussels time, we get the eu leaders reconvening to try to get some kind of agreement. The signal is positive. The question is in the details, as you were talking about earlier today. We will hear from the white house meeting with mcconnell, as well as treasury secretary steven mnuchin, to discuss a new stimulus package. Very curious about the payroll tax cuts President Trump is demanding that has bipartisan opposition. Aftermarket, we get to kic
One interesting thing is we finally have a little bit of strength for the dollar after the fed yesterday in a while range, now slightly higher. This is tampering gold. A gold rally is on pause. Not a strong Risk Appetite on the day to say the least. David at the same time, we had the big tech hearings with the four ceos getting beaten up. We had some big earnings today. Does it look like tech might be holding up a bit better . That tech hearing yesterday, they lucked out, or investors lucked out to some degree on the fact the fed was also happening that day. That was probably more of a psychological overhang. The bigger news is earnings after the bell today for apple, amazon, facebook, and alphabet. 100,is 40 of the nasdaq about 16 of the s p 500, and a big question here is whether or not these stocks have run too far, too fast, not just off the march lows but the last earnings season. Amazon up 40 out of the last earnings season, but what makes it so interesting is earnings for the ju