The ISM Manufacturing Index came in at 52.6 in September, down slightly from 52.9 in August. The average forecast called for a reading of 54.0.
Personal income rose 0.2% in August, versus the estimate of a 0.1% increase, and July was revised from a flat reading to a 0.2% gain. Personal spending rose 1.3% in August, above the expected 1.1% increase. The PCE Price Index declined 0.5% year-over-year in August, compared to the consensus forecast of a 0.6% decrease.
Pending home sales jumped again, rising 6.4% in August to the highest level since March 2007, well above the forecast of a 1.0% rise.
Construction spending unexpectedly rose by 0.8%—the largest increase since September 2008—versus the consensus of economists that called for a decline of 0.1% in August.
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The Dow Jones Industrial Average lost 203 points (2.1%) to close at 9,509, the S&P 500 Index dropped 27 points (2.6%) to 1,030, and the Nasdaq Composite fell 65 points (3.1%) to 2,057. Crude oil added $0.21 to $70.82 per barrel, while the Bloomberg gold spot price fell $8.98 to $998.73 per ounce.
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