Analysts at TD Securities believe 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.

• “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.”