At the same time, the number of people quitting jobs were virtually unchanged and those being laid off increased.

Factory new orders fell by 1.3% in July, with transportation orders down 9.5% and the remaining categories combining for a 0.6% gain.

Durable goods orders were unrevised from a 2.8% decrease in the advance estimate, while nondurable goods new orders rose by 0.3%.

Factory shipments rose by 0.9% and factory inventories increased by 0.3%. When combined with already-published advance estimates for retail and wholesale inventories, business inventories are on pace for a 0.2% gain in the month.

Redbook reported that US same-store retail sales were up 6.5% year-over-year in the week ended Aug. 30, the same as in the prior week. Back-to-school sales were the main factor, but consumers remain cost-conscious.

The Mortgage Bankers Association reported a 1.2% decline in mortgage applications in the week ended Aug. 29 after a 0.5% drop in the previous week. Refinancing activity rose slightly while new home applications declined despite lower mortgage rates.

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