US Non-Manufacturing suggests a strong NFP print - Wells Fargo

According to analysts from Wells Fargo, today’s ISM Non-manufacturing September report showed that hiring surged suggesting a strong print for Friday’s US employment report. 

Key Quotes: 

“The sharp decline in the August ISM non-manufacturing index was more than reversed in September, with the index jumping to an 11-month high of 57.1.”

“The employment component jumped 6.5 points to 57.2 and suggests upside risk to our call for nonfarm payrolls, reported Friday, to have risen by 160,000 in September.”

“The rebound, along with a modest pickup in the manufacturing index, should allay concerns that growth was beginning to falter heading into the end of the year. The weighted average of the two indices now sits at the highest level in nearly a year.”