US Economy Off to a Strong Start in September

On Wednesday, stocks continued to rise indicating the US economy is off to a strong start in September. Traders in big names such as Tesla and Apple saw increased profits and grabbed up shares of other companies in less profitable segments of the market. The Dow Jones saw gains of 0.8%, while the S&P 500 was up 0.6%. NASDAQ remained unchanged. Amid recent economic disappointments, economists are predicting a 1.17 million gain in September from increases of 428,000 in US private payrolls in August, after slowing down considerably in the previous two months.

Manufacturing, which was also hard hit by the pandemic, appears to be on the upswing, jumping to almost a two-year high as a result of increased orders. The dollar gained 0.16%, after hitting a record low since April of 2018. The Euro saw gains as a result of the dollar sell-off, rising to its highest since May of 2018.

The US is not far behind the upbeat manufacturing reports coming from Europe and China. Analysts are reporting the stall in production during the pandemic lock-downs has caused a spring board for current increases in demand. Overall, employment across the board has not reached improvement levels in all sectors and US Treasury yields were down following news that extended stimulus would likely require assertive bond purchasing.