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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK construction PMI unexpectedly dropped in August
In the UK, the construction PMI registered an unexpected drop to a level of 54.60 in August, compared to a reading of 58.10 in the previous month. Markets were expecting the construction PMI to record an advance to a level of 58.50.
German factory orders rose less than expected in July
In Germany, the seasonally adjusted factory orders climbed 2.80% on a MoM basis in July, compared to a revised surge of 28.80% in the previous month. Markets were expecting factory orders to record a rise of 5.00%.
US nonfarm payrolls rose less than anticipated in August
In the US, nonfarm payrolls advanced less than market forecast by 1.37 million in August, compared to a level of 1.73 million in the previous month. Markets were expecting nonfarm payrolls to rise by 1.40 million.
US unemployment rate dropped in August
In the US, the unemployment rate fell to 8.40% in August, compared to a rate of 10.20% in the previous month. Markets were anticipating the unemployment rate to drop to 9.80%.
US average hourly earnings of all employees unexpectedly rose in August
In the US, average hourly earnings of all employees recorded a rise of 0.40% on a MoM basis in August, compared to a revised rise of 0.10% in the prior month. Market anticipations were for average hourly earnings of all employees to record a flat reading.
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