The pace of rehiring is expected to have slowed in August, and the economy likely added fewer jobs than in July as layoffs continue.
The economy is expected to have added 1.32 million jobs in August, down from 1.76 million in July as rehirings slowed.Economists say the labor market could be impacted by the lack of stimulus spending, which has yet to be approved by Congress.
Economists expect 1.32 million jobs were added in August, and that the unemployment rate fell to 9.8%, according to a Dow Jones survey."Retail spending and durable goods orders are up. The economy is progressing," said Chris Rupkey, chief financial economist at MUFG Union Bank. "If that is the case, the labor market should follow demand in the economy. There's still a gaping hole here. We lost 22 million jobs in March and April. It came back nearly 9.
"I do think the general assessment is the jobs number will show a further moderation in the pace of job creation, the degree of which is what's up in the air," said Michelle Meyer, head of U.S. economics at Bank of America. "There's further growth. It's just at a slower pace than in the early stage of the recovery."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UK job losses accelerate in August, PMI showsJob losses at British companies accelerated in August despite an upturn in demand, a survey showed on Thursday, in a bleak sign ahead of the closure of the government's coronavirus furlough scheme at the end of next month.
Read more »
U.S. manufacturing activity strongest in nearly two years in AugustU.S. manufacturing activity accelerated to a nearly two-year high in August amid a surge in new orders, but employment continued to lag, supporting views that the labor market recovery was losing momentum.
Read more »
South Korea August inflation hits five-month high as fresh food prices soarSouth Korea's annual inflation in August accelerated to its fastest in five months as the longest monsoon on record pushed up fresh food prices, data showed on Wednesday, though it remained subdued on weak domestic demand amid the coronavirus pandemic.
Read more »
NPR Music's No. 1 Albums And Songs Of August : All Songs ConsideredOn this edition of All Songs Considered, we pick our favorite music released in August 2020, featuring everything from the genre-busting indie rock of Bartees Strange and Victoria Monét's layered R&B to the return of Bright Eyes.
Read more »
UK retailers step up their discounting in August, BRC saysBritish retailers discounted their goods a bit more aggressively in August than in July as they sought to get customers back after the coronavirus lockdown earlier in the year, industry data showed on Wednesday.
Read more »
U.S. private payrolls increase modestly in August: ADPU.S. private payrolls increased less than expected in August, suggesting that the labor market recovery was slowing as the COVID-19 pandemic drags on and fiscal stimulus fades.
Read more »