SMM News: in the early morning of the 3rd, US stocks closed higher on Wednesday. The Dow regained the 29000-point mark. For the first time in history, the Nasdaq stood at 12000 points, joining hands with the S & P 500 to reach an all-time high. The increase in ADP employment in the United States in August was much lower than expected by 428000. U.S. Treasury Secretary Mnuchin called on Congress to take more stimulus measures. The Fed's beige book believes that economic growth is much lower than it was before the outbreak. The Congressional Budget Office says the budget deficit will reach a record $3.3 trillion this year.

The Dow closed up 454.84 points, or 1.59%, at 29100.50; the Nasdaq was up 116.78 points, or 0.98%, at 12056.44; and the S & P 500 was up 54.19, or 1.54%, at 3580.84.

The S & P 500 recorded its biggest one-day gain since July 6, while the Dow recorded its biggest one-day gain since July 14.

The Nasdaq rose as high as 12074.06 points on Wednesday, breaking through the 12000-point mark for the first time in history, setting an all-time high in intraday trading. The S & P 500 rose as high as 3588.11, also a new intraday high.

U. S. stocks had their best monthly performance in decades in August. Investors now hope that the Fed's loose monetary policy, coronavirus miao research and development progress, the US government's fiscal stimulus package will continue to support economic growth and (6.39,-0.01,-0.16%) gains in US stocks.

Historically, September has often been a weak month for the stock market. In fact, September has been the worst-performing month of the year since 1950, according to LPL Financial, with the S & P 500 down about 1 per cent on average since 1950.

Fed beige book: economic activity growth is still much lower than before the outbreak

The Fed's Beige Book report shows that economic activity in most local Fed jurisdictions has increased in the last month, but it is still well below the level seen before the outbreak of the coronavirus.

Economic activity has increased in most jurisdictions, with manufacturing growth the most common, in line with increased activity by many ports, transportation and distribution companies, according to a beige book survey released by the Federal Reserve on Wednesday. In addition, consumer spending continued to pick up, affected by strong vehicle sales and some improvements in tourism and retail sales. However, most regions say their economic growth is slowing and overall spending is still well below pre-epidemic levels.

The overall employment population in many jurisdictions has increased, with employment performance in the manufacturing sector being mentioned the most, the report said. However, some jurisdictions also reported slower employment growth and increased recruitment volatility, particularly in the service sector. As demand remains weak, the long-term unemployment of workers forced to take time off is increasing. Continued uncertainty and volatility will be a broad theme.

In addition, although the price pressure has increased from the level reported in the beige book on 15 July, the increase is still moderate.

Us ADP employment growth of 428000 in August was far below expectations

The ADP Employment Agency reported that ADP employment rose 428000 in August, the third largest increase on record, but still well below expectations of 950000. In addition, ADP employment was revised up to 212000 in July.

Specifically, professional / business services employment increased by 66000 in August, compared with a decrease of 58000 in July; financial services employment increased by 11000 in August and decreased by 18000 in July; trade / transport / utility employment increased by 58000 in August, compared with an increase of 41000 in July; manufacturing employment increased by 9000 in August and increased by 10, 000 in July. Employment in the construction industry increased by 28000 in August, compared with a decrease of 8000 in July.

The new jobs were mainly concentrated in the service industry, with 389000 new jobs, while the commodity manufacturing industry added 40, 000 jobs.

Large enterprises play a leading role in job creation, with an increase of 298000 employees. This was followed by medium-sized companies, with an increase of 79000 employees, while companies with fewer than 50 employees increased by 52000.

The latest figures show that companies continue to recruit at a milder pace than they did after the blockade was lifted a few months ago. In the case of widespread unemployment, sustained growth is needed to restore the labour market to pre-outbreak levels.

However, unfavorable factors still exist. The wage guarantee program that has helped support jobs in recent months expired in August, and members of Congress have yet to pass another comprehensive stimulus package. At the same time, six months after the blockade of the epidemic, some companies continue to announce layoffs.

The vice president of ADP Employment data said the August recruitment message showed that the economic recovery was slowing, job growth was minimal, and job growth in all sizes and industries was not close to pre-epidemic levels.

Since the outbreak of the coronavirus, ADP data have lagged behind government statistics. Non-farm payrolls in July were revised higher than the initial estimate of 167000, but still well below the 1.76 million reported by the U.S. Department of Labor. ADP initially reported an increase of 2.4 million in June, but was later revised to nearly 4.5 million.

Recent US economic data continue to show resilience, with construction spending almost flat in July but sharply revised up in June. Meanwhile, manufacturing continued to rebound, with the ISM manufacturing index hitting its highest level since August 2018. New orders surged in August, but employment remained in recession, in line with still fragile labour market conditions.

Alan Ruskin, chief international strategist at Deutsche Bank, said on Tuesday: "the manufacturing data for August vary slightly around the world, but by region, they are fully in line with the trend of sustained economic recovery." He added that with the gradual lifting of quarantines in early summer, the industry was "adapting to new anomalies".

The United States will release an important non-farm payrolls report on Friday. This report is particularly important in the run-up to the US general election. If the employment data improves sharply, it will help Trump win the election.

Congressional Budget Office: budget deficit is expected to more than triple to $3.3 trillion this year

According to the latest statistics from the Congressional Budget Office ((CBO)), after the coronavirus outbreak hit the economy, the massive stimulus measures implemented by the US government to mitigate economic losses will soar the federal budget deficit to a record $3.3 trillion this fiscal year.

Even so, the deficit is still less than the $3.7 trillion the agency expected in April. The deficit of the federal government of the United States in 2019 was $984 billion. The new report incorporates legislative measures as of August 4. The report shows that the total budget deficit of the United States in fiscal year 2021 will reach 1.8 trillion dollars.

This year's deficit is expected to be equivalent to 16 per cent of GDP, up from 4.6 per cent in 2019 and the largest since the second world war. CBO estimates that US government spending will jump to $6.6 trillion this fiscal year.

CBO expects budget revenues to fall to $3.3 trillion this year from nearly $3.5 trillion in 2019.

Us Treasury Secretary Mnuchin urges Congress to approve new stimulus measures

U.S. Treasury Secretary Mnuchin (Steven Mnuchin) said at a congressional hearing on Tuesday at (Select Subcommittee on the Coronavirus Crisis), a select subcommittee on the coronavirus crisis, that he believed a bipartisan agreement on further fiscal stimulus should still be reached.

Mnuchin urged Congress to approve new stimulus measures to deal with the economic impact of the coronavirus pandemic. The hope of providing more support directly to individuals and companies has boosted the US stock market.

Mnuchin also said he was willing to consider the Democratic proposal to provide more money to state and local governments, suggesting that the Trump administration may be willing to support a package of up to $1.5 trillion (1.1 trillion pounds).

Although the two sides remained deadlocked on Tuesday, the money has been one of the key obstacles to the protracted standoff between Democrats and Republicans.

Deutsche Bank CEO warns that the economy will not return to normal this year and next.

Christian Sewing, chief executive of Deutsche Bank, warned that it would take longer for the economy to return to pre-epidemic levels than the public thought. He predicts that the economy will not return to normal this year or next, and many industries will operate at 70 per cent of 90 per cent capacity, which will have serious consequences. At present, the number of infections in Europe and other regions is on the rise, and the relevant governments are still struggling to cope with this problem.

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