US stocks continued to sell off last week, as comments from Fed Chairman Powell from the week prior put recession concerns back in focus. The S&P 500 dropped 4.0% and the Dow fell by 4.2% for the week. Foreign markets also fell sharply with the FTSE All World Ex US down 3.2% for the week. US crude declined for the week ending at $86.87 per barrel, down from $93.06 the week prior. The yield on the 10-year Treasury ended the week higher at 3.19% up from 3.03% the week prior.
US employers added 315,000 jobs in August slightly below the 318,000 projected and well below the 526,000 added in July. The unemployment rate increased to 3.7% from 3.5% in July. Wages also rose with average hourly earnings up 5.2% from a year ago.
Eurozone inflation hit a record high in August with consumer prices up 9.1% from a year earlier, an increase from the 8.9% recorded in July. Core inflation, which excludes food and energy, increased to 4.3% in August from 4% in July.