Overview

• The monthly decline was the fourth in six months and trimmed year-to-date growth to 2.9% from 5.1% through July.
• Hours worked fell 0.3% in August as the real wage bill declined 0.5% and average earnings slipped 0.6%.
• Industrial employment was unchanged for a fourth straight month, and capacity utilization inched up 0.2 point to 78.7%.
• CNI says currency strength has eroded export competitiveness as imported goods capture more of the domestic market.
• Germany’s industrial output fell 4.3% in August, including an 18.5% drop in autos, which analysts link to fading U.S. pre-tariff buying.