U.S. Economic News
October 4, 2017
U.S. Economic Indicators
The ISM Non-Manufacturing Index rose 4.5 percentage points to 59.8 in September. The new orders index increased 5.9 percentage points to 63.0 and the employment index improved 0.6 percentage point to 56.8. ISM Report
The ADP Employment Report shows that private-sector employment increased by 135,000 jobs in September, slightly below expectations of 140,000. The services sector added 88,000 jobs and the goods-producing sector added 48,000 jobs. ADP Report
U.S. News
The New York Times reports that Congressional Republicans are backing away from a proposed full repeal of state and local tax (“SALT”) deductions in their tax reform plan. Members of Congress in high-tax states have expressed staunch opposition to eliminating SALT deductions, which would likely raise taxes for citizens in those high-tax states. NYT
According to the Washington Post, only thirty-five percent of consumers who plan to shop during Thanksgiving week plan to shop on “Black Friday,” down from 51% a year ago. Multiple factors have contributed to this decline, including the rise of e-commerce and more spread-out holiday deals. WaPo