NAC Weekly No. 27: The US Adds 162,000 Jobs in August

Việc làm mới ở Mỹ, tháng 8+162.000▲ dự báo 56.000Lãi suất Fed (mức trần)3,75%● giữ nguyên từ 12/2025CPI Việt Nam, tháng 84,89%▲ so với cùng kỳTỷ giá trung tâm25.605 đồng/USD▼ 10 đồng ngày 4/9Giao dịch nhà ở Dubai, tháng 821,43 tỷ AED▼ 46,5% so với cùng kỳGiá nhà Úc, tháng 8−0,9%▼ thấp hơn đỉnh 3,6%Việc làm mới ở Mỹ, tháng 8+162.000▲ dự báo 56.000Lãi suất Fed (mức trần)3,75%● giữ nguyên từ 12/2025CPI Việt Nam, tháng 84,89%▲ so với cùng kỳTỷ giá trung tâm25.605 đồng/USD▼ 10 đồng ngày 4/9Giao dịch nhà ở Dubai, tháng 821,43 tỷ AED▼ 46,5% so với cùng kỳGiá nhà Úc, tháng 8−0,9%▼ thấp hơn đỉnh 3,6%

US new jobs, August+162,000▲ forecast 56,000Fed funds (upper bound)3.75%● unchanged since Dec 2025Vietnam CPI, August4.89%▲ year on yearVND central rate25,605 per USD▼ 10 dong on 4 SepDubai home sales, AugustAED 21.43bn▼ 46.5% year on yearAustralian home values, August−0.9%▼ 3.6% below peakUS new jobs, August+162,000▲ forecast 56,000Fed funds (upper bound)3.75%● unchanged since Dec 2025Vietnam CPI, August4.89%▲ year on yearVND central rate25,605 per USD▼ 10 dong on 4 SepDubai home sales, AugustAED 21.43bn▼ 46.5% year on yearAustralian home values, August−0.9%▼ 3.6% below peak

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Contents

NAC Weekly No. 27: The US Adds 162,000 Jobs in August

The US adds 162,000 jobs, Vietnam's inflation reaches 4.89%, and Sydney prices and Dubai home sales keep cooling. Five stories from the week.

The US added 162,000 jobs in August, nearly three times the forecast, which makes a Fed rate rise at the 15–16 September meeting more likely. At home, Vietnam's inflation reached 4.89% year on year. Abroad, Sydney prices and Dubai home sales kept cooling, and Turkey's inflation eased for a third straight month, to 31.51%.

Market pulse, week of 31/8–6/9/2026

US new jobs, August+162,000▲ forecast 56,000BLS, released 4 Sep

Fed funds (upper bound)3.75%● unchanged since Dec 2025Next meeting 15–16 Sep

Vietnam CPI, August4.89%▲ year on yearGeneral Statistics Office, 3 Sep

VND central rate25,605 per USD▼ 10 dong on 4 SepState Bank of Vietnam

Dubai home sales, AugustAED 21.43bn▼ 46.5% year on yearProjectory, DLD data

Australian home values, August−0.9%▼ 3.6% below peakCotality

Source: BLS and InvestingLive (4 Sep); Fed; General Statistics Office via VnEconomy (3 Sep); tygiausd.org (4 Sep); Projectory (1 Sep); Cotality via Trading Economics (31 Aug)

Signals this week

Prices and dealsMoney and ratesRules and process

🇺🇸 United StatesPrices and deals—Money and ratesOdds of a Fed hike riseRules and process—

🇻🇳 VietnamPrices and dealsConsumer prices up 4.89% in a yearMoney and ratesDong steady near 25,605Rules and process—

🇦🇪 DubaiPrices and dealsAugust sales value down 46.5%Money and ratesDollar-pegged loans stay dearRules and process—

🇦🇺 AustraliaPrices and dealsSydney values down 1.4% in a monthMoney and rates—Rules and process—

🇹🇷 TurkeyPrices and dealsHousing and utilities up 39.77%Money and ratesPolicy rate 37%, next call 10 SepRules and process—

▲rising▼falling●steady / watch

Source: NAC, compiled from the sources in this issue

🇺🇸 United States · The US adds 162,000 jobs, nearly triple the forecast

The Bureau of Labor Statistics jobs report released on 4 September shows the US economy added 162,000 nonfarm jobs in August. Unemployment held at 4.1%, hourly earnings rose 3.1% on the year, and June and July were revised up by a combined 55,000. Analysts had expected 56,000, InvestingLive reported. Before the release, futures priced about a 50% chance of a September Fed hike; afterwards, the two-year Treasury yield rose 7 basis points to 4.40%.

For Vietnamese investors: the Fed has held its range at 3.50–3.75% since December 2025, and its next meeting is on 15–16 September. A stronger labour market means dollar borrowing costs, and those in dollar-pegged markets such as Dubai, are unlikely to fall in the coming months. Families planning to borrow for a property abroad should model rates above today's level.

🇻🇳 Vietnam · Inflation reaches 4.89% as fuel prices climb

On 3 September the General Statistics Office reported that consumer prices rose 0.47% in August and 4.89% on the year, VnEconomy reported. Fuel did most of the work: transport costs rose 4.09%, with diesel up 22.15% across several price adjustments. Core inflation averaged 4.24% over eight months. Housing, utilities, fuel and building materials rose 6.71%, the largest contributor to the overall rise.

For Vietnamese investors: the dong has barely moved against the dollar. On 4 September the State Bank set its central rate at VND 25,605 per dollar, and the dollar price index fell 0.36% on the year. The pressure is on purchasing power at home: dong savings need to earn more than 4.89% a year just to hold their real value.

🇦🇪 UAE · Dubai home sales value falls 46.5% in August

Projectory's report of 1 September, built on Dubai Land Department data, counts 11,147 home sales in August, down 35.2% on the year and 11.5% on July. Off-plan homes made up 74.2% of deals. The median price was AED 1,693 per square foot, only 1.9% below August 2025, so volumes are falling much faster than prices.

For Vietnamese investors: with deals thinning while prices barely move, cash buyers have more time to choose and to negotiate. For off-plan, read the handover date and payment plan closely. Per NAC's listing data, DAMAC Safa Gate starts at USD 542,000 with handover due in Q4 2028, and Mercedes-Benz Places is due in Q4 2026.

🇦🇺 Australia · Sydney values are now 7.1% below their peak

Cotality's home value index fell 0.9% in August after a 1.2% drop in July, Trading Economics reported on 31 August. National values are 3.6% below their peak, though still 2.7% higher than a year ago. Sydney led the falls at 1.4%, followed by Melbourne at 1.1%, Brisbane at 1.0% and Perth at 0.8%. Sydney is now about 7.1% below its February peak, a faster slide than the 6.6% fall of the 2022–23 correction.

For Vietnamese investors: Sydney is tilting toward buyers. Per NAC's listing data, 180 George in Parramatta (completed 2023) is priced at around AUD 1.1 million with an estimated rental yield of 5%, and Natura Macquarie Park (completed 2025) at around AUD 1.23 million with 4.6%. While prices are still falling, buyers should check the latest nearby sales before making an offer.

🇹🇷 Turkey · Inflation eases for a third month, to 31.51%

On 3 September the Turkish Statistical Institute (TurkStat) put August inflation at 31.51% year on year, down from 31.75% in July and below the 31.62% forecast, Trading Economics reported. Prices rose 1.84% within the month. Housing and utilities were still up 39.77%, above the headline rate. Most economists expect the central bank to hold its policy rate at 37% on 10 September, Hürriyet Daily News reported on 4 September.

For Vietnamese investors: rents and prices in lira climb fast, but the lira keeps losing value too, so convert both the purchase price and the rent into dollars before comparing yields. Per NAC's listing data, Referans Residence in Beylikdüzü, Istanbul starts at USD 400,000, exactly the threshold for Turkish citizenship through property.

Next week

Mon7/9US Labor Day holiday

Tue8/9

Wed9/9

Thu10/9ECB rate decision, BerlinCentral Bank of Turkey rate decisionUS producer price index (PPI) for August

Fri11/9US August CPI

Sat12/9

Sun13/9

Source: US Bureau of Labor Statistics release calendar, September 2026; ECB press conference calendar; Hürriyet Daily News (4 Sep)

NAC strategic insight

This week pulled in two directions: dollar rates may still rise, while Sydney prices and Dubai deal volumes are cooling. We favour buying with equity rather than debt, choosing homes that are finished or close to handover, and holding part of the portfolio in rental assets abroad whose yield can outpace inflation of nearly 5% at home. If you'd like to see how your family's portfolio should adjust after this week, book a consultation with NAC.

Markets in this issueAustralia and Dubai published August price data; Turkey's inflation eased for a third month