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In the US, JOLTS data in August showed a modest acceleration in labor market turnover, suggesting some upside risks to wage growth over the next few months, point out the research team at Nomura.

Key Quotes

“Incoming data for September will be important to evaluate whether the acceleration is part of a new trend. Vacancies remain at multiyear highs with more than one job posting for every unemployed worker, consistent with steady labor market strength.”