Market Wire, North America

US labour markets softened more than expected for a second month in August, bolstering odds on a more decisive easing response from central bankers this autumn. According to data released by the Bureau of Labor Statistics, 142,000 jobs were added in the month, missing the 165,000 consensus forecast, and revisions to prior months saw overall gains lowered by a total 86,000 positions.  Wage gains accelerated, pointing to a stabilisation in worker bargaining power. Average hourly earnings climbed 0.4 percent month-over-month, doubling from 0.2 percent in the prior month, and were up 3.8 percent year-over-year.  The unemployment rate fell to 4.2...

The Federal Reserve’s preferred inflation measure continued its moderation in July, helping ratify market expectations for a quarter-point rate cut at the central bank’s September meeting, without bolstering the case for a bigger move. Data released by the Bureau of Economic Analysis this morning showed the core personal consumption expenditures index rising 0.2 percent from the prior month, aligning with market forecasts for a maintenance of June’s pace. On a year over year basis, core price growth fell to 2.6 percent, slightly below economist estimates. The overall personal consumption expenditures index also rose 0.2 percent relative to the prior month,...