Fisher Investments Reviews: Last Week in Markets—September 1 - September 5

In the US, the final August S&P Global Manufacturing and Services Purchasing Managers’ Indexes (PMIs) were 53.0 and 54.5, respectively. Readings above 50 indicate expansion. August nonfarm payrolls increased by 22,000, well below expectations, while the unemployment rate rose slightly to 4.3%, matching consensus forecasts.

In the UK, the final August S&P Global Manufacturing and Services PMIs were 47.0 and 54.2, respectively. July retail sales grew 0.6% m/m and 1.1% y/y. July money supply (M4) increased 0.1 m/m, lower than forecast. In the eurozone, the third estimate of Q2 2025 GDP growth was 0.1% q/q, in line with previous estimates, and 1.5% y/y, revised down slightly from the previous estimate of 1.6% y/y. August consumer inflation accelerated to 2.1% y/y. August core consumer inflation (which excludes energy, food, alcohol, and tobacco) held steady at 2.3% y/y, matching consensus estimates. The final August S&P Global Manufacturing and Services PMIs were 50.7 and 50.5, respectively. The unemployment rate declined to 6.2% in July, matching consensus forecasts. July retail sales fell 0.5% m/m but rose 2.2% y/y, lower than consensus estimates.

In Japan, the final August S&P Global Manufacturing and Services PMIs were 49.7 and 53.1, respectively, both higher than expected. In China, the August RatingDog Manufacturing and Services PMIs—which include smaller businesses—were 50.5 and 53.0, respectively.

The Week Ahead

The US and China release August consumer inflation figures. The UK and Japan report July industrial and manufacturing production. The UK also posts July GDP data. Japan announces August bank loans while China reports August trade data, loan growth and money supply (M2). The European Central Bank meets to set monetary policy.

Source for all data cited is FactSet. This update constitutes the general views of Fisher Investments and should not be regarded as personalized investment advice. No assurances are made we will continue to hold these views, which may change at any time based on new information, analysis or reconsideration. In addition, no assurances are made regarding the accuracy of any forecast made herein. Global equities are represented by the MSCI World Index. The MSCI World Index measures the performance of selected stocks in 23 developed countries and is presented net of dividend withholding taxes and uses the maximum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Past performance is no guarantee of future results. A risk of loss is involved with investments in stock markets.