In the second quarter, US GDP grew at an annualized speed of 4%, with 1% annualized for the first half of the year. Non-farm employment of July rose 209,000, below expectation, with unemployment rate increased to 6.2% from 6.1% in June. Labor participation rate increased due to more workers looking for job, but it still remained at 30-year low. Wage stagnated in July, with year over year growth of only 2%, lower than the inflation (CPI). ISM manufacturing index jump to 57.1 from June’s 55.2. Without strong growth in wage and employment, however, the US economy is likely to remain in the slow track. Fed announced a further $10 billion cut of the asset purchase program (QE3) , but indicated it would not raise the interest soon.