Nonfarm payrolls rebounded in August from weather-related weakness in the prior month. The unemployment rate edged down. But the broader trend of slower job creation and easing labor market tightness continued. We lean toward a 25 bp Fed rate cut this month, with the option to do more in November after the election. Light vehicle sales declined in August, a sign of weakening consumer demand. Eurozone data points to a September ECB rate cut.
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