Revised data highlights US labour slowdown

• The Westpac-MI survey showed consumer sentiment slipping 3.1% to 95.4, breaking a four-month run of gains as households grew more cautious about the economic outlook.
• NAB’s Business Survey pointed to slightly stronger conditions in August, rising 2pts to around long-run averages. The lift came through employment and profitability, while trading conditions were largely unchanged.
• In the US, Treasury yields moved higher on Tuesday but eased briefly after a weaker-than-expected revision to jobs data.
• The BLS re-benchmark revealed the economy created 911,000 fewer jobs in the year to March 2025 than initially reported, adding to signs of a softer labour market.
• Looking ahead, markets will focus on today’s run of global data, including Chinese inflation prints and US producer prices later tonight.