(Il Sole 24 Ore Radiocor) - New York, 03 Sep - US shares were trading broadly lower to kick off a holiday-shortened week that will feature a flurry of data that could influence the trajectory for interest rates.

US markets, which ended higher on Friday, were closed yesterday for Labor Day holiday.

A series of data due out later today could provide clues about the health of the economy.

Today data showed that factory activity slowed more than expected in August.

The Institute for Supply Management's manufacturing index rose to 47.2 in August from 46.8 in July.

Economic activity in the manufacturing sector contracted in August for the fifth consecutive month and the 21st time in the last 22 months, missing expectations for a reading of 47.5.

While the US purchasing managers' index fell to 47.9 in August from 49.6 in July, according to final data by the financial information services group IHS Markit, also missing expectations for a reading of 48.0.

The main focus of the week will however be jobs market data.

A key nonfarm payrolls report on Friday could prompt the Federal Reserve to step up the monetary pivot most investors are expecting it to make this month.

As inflation slowly eases, the labor market has become a major concern for the US central bank after recent data signalled unemployment picking up.

Last week Fed chief Jerome Powell signalled 'the time is right' for an interest rate cut and investors are betting on a 25, or even 50, basis point cut at the central bank's next monetary policy meeting in September.

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(RADIOCOR) 03-09-24 19:43:37 (0572) 5 NNNN