US stocks rose over the week despite mixed economic news. The S&P 500 rose 0.6%, while the Dow ticked down 0.2% for the week. Abroad, the FTSE All World Ex US climbed 2.3% for the week. The yield on the 10-year Treasury was flat over the week ending at 1.32%.
US job growth disappointed in August with only 235,000 hires, less than half of what was expected, though June and July were revised higher. The unemployment rate still fell to a new pandemic era low of 5.2% from 5.4%. Wages rose 0.6% and are up 4.3% for the past year.
US manufacturing activity increased in August.
Consumer spending rose 0.3% in July, slower than projected and much slower than June’s pace.
China’s service sector activity took a hit in August, falling into contraction territory for the first time since February 2020 during the pandemic. The reading fell well short of expectations.
Eurozone inflation hit its highest level in close to a decade, rising 3% in August from a year earlier.
The Case-Shiller Home Price index rose 18.6% in June from a year earlier.