This is MarketWatch news break money news from Wall Street to main street to your street from the news from of the MarketWatch radio network I'm John -- And I'm in Kate's ahead on the show great news from the nation's factories John Silvia the chief economist at Wells Fargo will join us. That talk about a surprising report on manufacturing yes manufacturing.
So it's seeing it as a there's more stability in the economy. And some people had expected. And you'd increase the probability of a double dip into.
And and we'll have the daily news nugget and when you shop online -- go to -- Taylor Newton. Tell you let me guess. Them. I'm Steve Potisk in the MarketWatch radio network newsroom on Wednesday September the first.
There's goodness from the nation's factories today the institute for supply management's August index rose to a surprisingly strong rating of 56 point three. When anything above fifty indicates more businesses are growing than contracting. It's the first pick up a manufacturing business in four months. Eleven of eighteen industries tracked by the ISM were growing in August we'll go in depth on this story in just moments. With John Silvia the chief economist at Wells Fargo. But in another sign the job market is struggling one survey finds a loss of private sector jobs for August. Just a couple of days ahead of the official unemployment numbers payroll processor ADP says employers cut 101000 jobs last month a whopper of a deal may be underway at The Wall Street Journal says Burger King has been talking with potential buyers about taking the chain private. Urging which has in the past been owned by a private equity firm and by drink company beyond GO. Has been public since may of 2006. It is estimated to have a market value of about two and a third billion dollars. I'm Steve noticed and you're listening to MarketWatch news break.
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A shocker in terms of the nation's factories manufacturing picking up for the first time in four months according to the institute for supply management. And joining us to talk more about this is John Silvia he is the chief economist at Wells Fargo. So John were you shocked by this news.
Doctor indeed it. We had -- The new York and Philadelphia regional surveys. And it's. The surprise was pretty much. Across the -- It was not an employment was -- and I went again accountant but we had just learned early this morning. With another -- has shown manufacturing jobs declining. So it's seeing it as a there's more stability in the economy. And some people had expected. And you'd -- increased probability of a double dip recession.
What do you make of this help paying the overall economy I mean at the factories are doing better. Does that mean maybe the overall economy is doing better.
Done. As well as I think he of people back at Arctic while lowering them -- out. You know another double. You know another collapse to OK maybe things aren't great but can -- not so bad either and that changes psychology. It certainly is good for business hiring certainly is good for the American consumer.
In fact factory employment was up. Considerably wasn't that according Diana sent.
Yeah I mean again. Content and other data. And we had earlier seen. And it's happening now okay you know things are and it took a proper. People that -- And you know attempt to do I think -- it's just completely.
Do you think this ISM report. Pretty much wipes out eliminate completely talk of double dip recession.
I don't think it eliminated completely but apparently what and it will be who people -- Point. The patent and at this point I think it that realistic estimate no I don't public.
What do you think the odds are of a double dip right now. Let me at this point very -- one in twentieth wow. That's that's negligible in some ways.
I think that they haven't in terms of power. The attitude. And I think that's it's happening is very different. And I think the Fed will step forward in doing and I think. That. Any kind that there are continued weakness in the economy the federal movement. Well dip somewhat stimulate an economy.
He is John Silvia the chief economist at Wells Fargo joining us to talk about the latest from the nation's factories John thank you for your time. --
And now the daily news -- usually can use the watercolor. And here she is she has scoured the Internet looking for the daily and is not good news indeed that you can use at the water cooler. Or maybe at that Martinis. Party later today none. What do you have for a sand.
We're talking about. So which he Taylor do you think is number one. Number one. Wal-Mart dot com your close Amazon.com. Is and I Wal-Mart dot com is to -- this is according. Two -- search -- conducted by big research -- published in the September issue stores magazine. In the top five we have. Each day and the web sites of best buy and JC Penney also for the first time this year some of these mall stores expressed. And -- post all make the analyst for the first time interesting so maybe teens are going where. Perhaps teams with their mom and dad's credit card against. Thought. So dirty sneakers dot com was an honor was not on merit here I'll do the top that the top dressed the top ten -- merely target.com -- Google. Overstock and see here's the web sites of all those yeah interesting interesting news some.
Wonder how many people are actually going there this back to school season rather than heading out to the ball.
They may be I mean I I do a lot of buying online clothing I don't because I still think for me anyway I'd like to actually trial on the clothing bet that other stuff. Books dvds whatever right I always get them online and look it's on your doorstep in a few days and.
That is the daily news nugget cheese and -- I'm John Ward on this has been market watched as Franken were on here.
