Rob Wile is a Pulitzer Prize-winning journalist covering breaking business stories for NBCNews.com.
The U.S. jobs market is losing steam. Today, Americans will learn just by how much. The Bureau of Labor Statistics is set to report jobs data, including the unemployment rate, for August. As of July, the rate stood at 4.3%, up from 4.1% in June and the highest level since September 2017, excluding the Covid-19 pandemic spike — though still low by historical standards. Wall Street expects the report to show a gain of 161,000 jobs, with the unemployment rate slipping to 4.
Stocks, too, remain near all-time highs despite some recent turbulence. Mark Zandi, chief economist at Moody's Analytics group, told NBC News that, as long as the unemployment rate remains at current levels, he believes a soft landing can be sustained. But he said that sunny picture could easily be ruined. 'It wouldn’t take a whole lot to upset that story and see companies start pulling back and laying off,' Zandi said. 'The labor market is good, but it feels like a fragile good.
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