More Signs Of Economic Weakness Appear

US inflation has not yet hit the 2% target but July’s PCE stabilised with total inflation at 2.5% and the underlying indicator at 2.6%. Overall Manufacturing ISM for August rose from 46.8 to 47.2 but the production and new orders indices were down again. Services ISM edged higher from 51.4 to 51.5, a good sign especially as domestic orders accelerated sharply. But the jobs market, which is now a focus of investors, showed several signs of weakening.