1. Nonfarm productivity picked up in the second quarter and handily beat consensus.

• Unit labor costs came in well below consensus, as solid productivity gains absorbed higher compensation per hour and kept labor cost pressures subdued.

2. Initial jobless claims edged up but remained near secularly low levels, signaling limited layoffs.

– The four-week moving average fell for the sixth week.

• Continuing claims edged up but remained lower than in the same period last year.

– The four-week moving average continues to decline as well.

• The number of states with initial claims rising over 20% year over year remains low.

3. Unemployment payments into Bank of America’s customer accounts are flat year over year.

4. US Challenger job cuts declined to a two-year low. Technology remained the largest source of cuts, with AI-related reductions continuing to be the top announced reason.

5. The unemployment rate for recent college graduates ticked up, even as the overall unemployment rate dipped.

6. Revelio Labs’s US nonfarm employment rose by 79,000 in July.

• Here’s a look at monthly changes in employment by sector.

• Smoothed on a rolling three-month basis, Revelio’s estimates show continued momentum in job gains.

7. The Chicago Fed CARTS estimates that retail sales ex-auto for July rose by just 0.1% …

… and the inflation-adjusted measure was flat.

8. CEO confidence rose, signaling cautious optimism, although sentiment remained below Q1 levels.

9. The 30-year mortgage rate rose to its highest level since July 2025, extending a five-week climb that is worsening housing affordability.

10. The Atlanta Fed’s GDPNow model is now tracking Q3 GDP at 5.8%, down from 5.9% on August 4.

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1. The services sector remained in contraction for a second consecutive month as economic uncertainty, tariffs, and geopolitical volatility weighed on demand.

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1. While the construction PMI remained in contraction for the 19th consecutive month, the pace of the downturn slowed markedly, supported by a recovery in civil engineering and new orders.