All eyes will be on the jobs data this week, as there are several reports that could paint a broader picture of the health of the labor market in the US.

Last week’s July PCE inflation report did little to shake September rate-cut expectations, as data came in line with expectations, a small increase from previous months. Additionally, the second GDP growth estimate indicated that the economy expanded at a 3.3%, above the initial estimate of 3% growth.

President Trump declared on Sunday that “prices are way down in the USA with virtually no inflation,” but consumers are likely to disagree.

At the same time, the Kobeissi Letter reported that “US cost of living is getting worse,” highlighting that consumers are taking on increasingly risky debt.

Economic Events September 1 to 5

TradFi markets are closed in the United States on Monday for Labor Day, which is fitting as the rest of the week will be dominated by labor market data.

The August ISM Manufacturing Purchasing Manager’s Index (PMI) is due on Tuesday, offering insight into business conditions in the manufacturing sector. PMIs are considered reliable leading indicators for assessing the state of the US economy.

Wednesday and Thursday will see July JOLTS jobs data, August ADP non-farm employment data, and initial jobless claims data, all shedding more light on the state of the labor market. These reports are important economic indicators, as the change in the number of positions is strongly associated with the overall health of the economy.

The August ISM Services PMI report is due on Thursday, reflecting business conditions in the services sector, which is a major contributor to GDP.

The August jobs report will be released to end the week on Friday, rounding off a heavy week for labor data.

Key Events This Week:

1. US Markets Closed, Labor Day – Monday

2. August ISM Manufacturing PMI data – Tuesday

3. July JOLTS Jobs data – Wednesday

4. August ADP Nonfarm Employment data – Thursday

5. Initial Jobless Claims data – Thursday

6. August Jobs Report – Friday

It’s…

— The Kobeissi Letter (@KobeissiLetter) August 31, 2025

Earnings season came to an end last week, with Nvidia selling off on Friday.

Crypto Market Outlook

Crypto markets are seeing red again, a typical Monday morning pattern in recent weeks, as total capitalization drops by almost 2% to $3.80 trillion.

Bitcoin has been leading losses, falling to its lowest level since early July, below $107,500 during Asian trading on Monday morning. The asset is now at its deepest correction point, at more than 13% down from its mid-August peak.

Ethereum has declined a similar amount and has fallen below $4,400, but remains within its three-week range-bound channel.

Altcoins were a sea of red with larger losses for XRP, Solana, Dogecoin, Cardano, Chainlink, and Sui as altseason hopes are dashed again.