Economic headlines that are top-of-mind as we start the week:
— US average hourly wages were up 4.3% in Aug. from year ago (+10.3% in leisure and hospitality), as worker shortages prompt companies to pay more for labor, adding to concerns about persistent inflation.
— US producer prices for final goods were up 0.7% in August and 8.3% in past 12 months, the biggest annual increase since records started in Nov. 2010.
— The European Central Bank said it would lower its level of bond purchases (20 billion euro a month), as Eurozone inflation in Aug. hit a decade-high of 3%.
— New US mortgage applications slipped the first week of Sept. to weakest level since mid-July, as both refinancing and new purchases saw lower activity.
— In October, the European Union will launch 200-billion-euro “green bond” issuance, to fund environmental, digital and social infrastructure projects, 30% of the EU’s 800-billion-euro in regional spending post-Covid.
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