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According to TD Securities analysts, the release of the ADP report should give us the first look at employment data for August, with the consensus expecting a 148k print, somewhat below the 156k registered in July.

Key Quotes

“The ISM non-manufacturing index is expected to advance modestly to 54.0 in August following two consecutive declines that have led the index to 53.7 “” the lowest since 2016. This would come on the heels of a sharply lower ISM manufacturing print for August and would suggest the services sector remains largely healthy despite the worsening outlook for the industrial sector.”