The latest US jobs report ahead of the Federal Reserve’s September policy meeting showed that employers continued to add jobs at a healthy – if more modest – pace in August, underscoring the length and strength of the market of work, reports Bloomberg.
Friday’s jobs report is expected to show an increase of 300,000 jobs in August, according to the average estimate in a Bloomberg survey of economists. The unemployment rate is expected to hold at 3.5% – a five-decade low – while average hourly earnings are likely to see another steady increase.
Fed Chairman Jerome Powell signaled last week that the US central bank is likely to continue raising interest rates and leave them elevated for a while to fight inflation. He noted that this will likely lead to an easing of labor market conditions and cause some pain to households and businesses.
In the days leading up to the jobs report, a host of other indicators will provide additional insight into the state of the labor market. The government will release July data on job vacancies and resignations on Tuesday. Economists expect job vacancies to remain elevated in the month, indicating resilient demand for labor.
A day later, the ADP Research Institute will release its updated monthly report, which will include data on both employment and wages.
Among other US economic data: the Institute for Supply Management will release its closely watched manufacturing index for August and the Conference Board will offer its latest look at consumer confidence. A measure of home prices in 20 US cities will also be released.
Source: Capital
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