🖐 Macro Watch | Sep 01 – 07, 2025

Packed week: U.S. labor data, ISM surveys, and Japan GDP drive markets.
Here are the most crypto-relevant macro events to watch this week:

🗓 Tuesday, September 2
🇪🇺 Eurozone CPI (YoY - Aug) – 🕕 09:00
   💡 Consensus: 2.0% | Previous: 2.0%
🇺🇸 S&P Global Manufacturing PMI (Aug) – 🕕 13:45
   💡 Consensus: 53.3 | Previous: 53.3
🇺🇸 ISM Manufacturing PMI (Aug) – 🕕 14:00
   💡 Consensus: 48.9 | Previous: 48
🇺🇸 ISM Manufacturing Prices (Aug) – 🕕 14:00
   💡 Consensus: 65.1 | Previous: 64.8

🗓 Wednesday, September 3
🇺🇸 JOLTS Job Openings (Jul) – 🕕 14:00
   💡 Consensus: 7.240 M | Previous: 7.437 M

🗓 Thursday, September 4
🇺🇸 ADP Nonfarm Employment Change (Aug) – 🕕 12:15
   💡 Consensus: 71 K | Previous: 104 K
🇺🇸 Initial Jobless Claims – 🕕 12:30
   💡 Consensus: 229 K | Previous: 229 K
🇺🇸 S&P Global Services PMI (Aug) – 🕕 13:45
   💡 Consensus: 55.4 | Previous: 55.4
🇺🇸 ISM Non-Manufacturing PMI (Aug) – 🕕 14:00
   💡 Consensus: 50.5 | Previous: 50.1
🇺🇸 ISM Non-Manufacturing Prices (Aug) – 🕕 14:00
   💡 Previous: 69.9

🗓 Friday, September 5
🇺🇸 Average Hourly Earnings (MoM - Aug) – 🕕 12:30
   💡 Consensus: 0.3% | Previous: 0.3%
🇺🇸 Nonfarm Payrolls (Aug) – 🕕 12:30
   💡 Consensus: 74K | Previous: 73K
🇺🇸 Unemployment Rate (Aug) – 🕕 12:30
   💡 Consensus: 4.3% | Previous: 4.2%

🗓 Sunday, September 7
🇯🇵 Japan GDP (QoQ - Q2) – 🕕 23:50
   💡 Consensus: 0.3% | Previous: 0.3%

🤔 Why it matters:
ISM surveys show inflation pressures remain, but hiring is cooling fast (ADP + NFP soft, jobless steady). The labor market’s slowdown keeps Fed rate-cut bets alive. Watch Friday’s jobs data + wages combo for the USD’s next big move.

🔔 Mark your calendars. Markets are watching every word.

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