This Weekly Financial Markets Update reviews the top market headlines: Continued Job Market Weakness in August, Business Activity Surveys Increase in August, Gold Continues Historic Rally
  • The U.S economy added just 22,000 jobs in August
  • The ISM Services Index registered 52.0% in August
  • Gold hit a fresh record high price of $3,653/oz

Top Three Market Headlines

Continued Job Market Weakness in August: The U.S. Department of Labor reported last week that the U.S. economy added only 22,000 jobs in August, well under economists' consensus forecast of 75,000. In addition, the previously-reported tally for the month of June was revised downward from 14,000 additions to 13,000 losses. This was the fourth straight month where payroll increases were under 100,000, and the average number of gains over the past three months has averaged just 29,000. The cooling employment market data may help further the case for the Federal Reserve to cut interest rates later this month.

Business Activity Surveys Increase in August: A set of widely-followed surveys of business executives improved in August, indicating marginally better rates of business activity across the U.S. economy. The Institute for Supply Management (ISM) Manufacturing Index registered 48.7%, up from 48.0% in July, though still below the 50% threshold that differentiates expansion of business activity from contraction. On the services side of the economy, the ISM Services Index rose to 52.0% from 50.1% in July, its third consecutive 50%+ reading. The increase was keyed by a jump in new orders, though the employment component of the index contracted for the third month in a row.

Gold Continues Historic Rally: Gold posted its strongest weekly gain in nearly four months last week, with front-month futures prices gaining nearly 4% and settling at a new all-time high of $3,653 per ounce at week's end. The precious metal has surged 38% year-to-date, building on 2024's impressive 27% gain. The on-going rally has been supported by the weakening U.S. dollar, robust central bank purchases, and escalating geopolitical tensions, and has gotten an extra boost of late from growing expectations for Federal Reserve interest rate cuts.

As of September 5, 2025 Week Quarter-To-Date Year-To-Date One-Year
MSCI All Country World 0.46% 4.34% 14.83% 19.31%
S&P 500 0.37% 4.71% 11.20% 19.36%
Russell 2000 1.07% 10.17% 8.20% 13.69%
MSCI EAFE 0.25% 3.06% 23.10% 17.00%
MSCI Emerging Markets 1.42% 4.72% 20.71% 21.04%
FTSE NAREIT Equity 0.40% 4.03% 3.77% 0.43%
Bloomberg Commodity -0.27% 1.19% 6.78% 12.46%
Bloomberg U.S. Aggregate 0.93% 1.86% 5.96% 2.91%

Reuters 9/5/2025, BLS 9/5/2025, ISM 9/1/25 & 9/4/25. Data from Morningstar Direct. Returns for periods greater than one year are annualized. Investment advisory services are offered by Gallagher Fiduciary Advisors, LLC ("GFA"), an SEC registered investment advisor that provides retirement, investment advisory, discretionary and independent fiduciary services. Registration as an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the SEC. GFA is a limited liability company with Gallagher Benefit Services, Inc. as its single member. GFA may pay referral fees or other remuneration to employees of Arthur J. Gallagher & Co. or its affiliates or to independent contractors; such payments do not change our fee. Neither Arthur J. Gallagher & Co., GFA, their affiliates nor representatives provide accounting, legal or tax advice. GFA does not express an investment opinion regarding any specific commodity, sector or individual security. Unless otherwise expressly noted, the contents of this communication do not constitute securities or investment advice, nor should this communication be construed as an opinion regarding the appropriateness of any investment. The information provided cannot take into account all the various factors that may affect your particular situation, therefore you should consult your GFA consultant before acting upon any information or recommendation contained herein to discuss the suitability of the information/recommendation for your specific situation.