The industries reporting the highest rates of growth of new orders in August are: Construction; Legal Services; Communication; Real Estate; Retail Trade; and Wholesale Trade. The only industry reporting contraction of new orders in August is Finance & Banking.
New Orders for Construction (of homes) grew while Finance & banking (of re-fi's) contracted. This is consistent with record housing starts and a fall-off in re-fi apps (due to rising interest rates)
The industries reporting the highest rates of growth in employment in August are: Construction; Finance & Banking; Other Services*; Transportation; and Health Services.
This is matched by Services Employment growing in Construction. Oddly, Finance employment grew while it's new orders contracted.
The industries reporting the highest rates of feeling that their inventories are too high in August are: Business Services; Wholesale Trade; Real Estate; Legal Services; and Construction. There are no industries reporting that their inventories are too low in August.
They will likely slack off replenishing stocks in September.