Macroeconomic Indicators & Trends

September 05, 2026

Strong Jobs, Upside Risks to Next Week’s CPI

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Torsten Slok

Partner, Chief Economist

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This week, we not only got a strong employment report, we also saw a strong uptrend in the ISM Services Prices Paid to levels last seen during the 2021 to 2022 inflation surge, see charts below. This points to upside risks to inflation, including the CPI data next week, and we now expect the FOMC to raise interest rates at its September meeting.

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