The big August jobs report is due out Friday. Here's what to expect for what has been a jobless summer
August nonfarm payrolls are expected to rise by 53,000 as a subdued labor market keeps Fed attention focused on inflation.
TL;DR
- August jobs report expected to show only 53,000 nonfarm payroll growth.
- Unemployment rate expected to remain at 4.1% despite anemic growth.
- June and July combined showed a net loss of 3,000 jobs.
- Labor market described as stable but unexciting due to uncertainties like war, energy prices, and tariffs.
- Geopolitical uncertainty and AI are dominant labor market themes.
- Companies have avoided widespread layoffs, with low weekly jobless claims.
- Fed officials view the labor market as a lesser concern than inflation.
- Potential impact of canceled Temporary Protected Status for Haitians on employment numbers.
- 401(k) data suggests a decline in hiring for the 21-to-24 age bracket.