U.S. economic data remains in the spotlight

In these turbulent times we must take a step back and look at the economic data that provides a positive backdrop for corporate earnings - the fundamental driver of markets. The flurry of economic data that is being released this week should be watched keenly for its underestimated impact on markets. Aside from the dreary 51.1 ISM number from soft China demand, U.S. economic data remains strong. ADP is up 190k jobs in August, slightly below estimates yet an increase from the prior month and an overall rock solid number.

"Construction spending is through the roof with a huge 13.9 percent year over year increase and productivity is up to 3.3 percent from an original 1.3 percent. Despite yesterday's rout in the market don't rule out a September rate increase, the Fed closely watches economic data, which remains ever solid", says Voya Global.