<p><strong>GLOBAL: US nonfarm payrolls surged by 162,000, while the unemployment rate was unchanged at 4.1% in August</strong>. Hiring was broad-based, with gains across healthcare, construction, and hospitality.&nbsp;</p>

<p><strong>Market impact: Robust August employment data drove rate hike expectations,</strong> lifting US Treasury yields and the dollar while pulling stocks lower.</p>

<p><strong>Healthcare, education, and construction will likely remain the primary engines of job creation,</strong> but manufacturing and energy face growing pressures from global trade dynamics.</p>

<p><strong>LOCAL: Headline inflation eased to 6.1% year-on-year in August, a five-month low. </strong>The slowdown was driven by cooling prices of food and electricity, though transport costs remain elevated.&nbsp;</p>

<p><strong>Market impact: The peso depreciated to a record-low close of PHP 62.59 against the US dollar,</strong> exerting downward pressure on the PSEi.</p>

<p><strong>Inflation is expected to rise in the coming months,</strong> driven by severe weather and agricultural shocks that could push food inflation significantly higher.</p>