This week’s main economic report will be Friday’s official U.S. jobs report. Consensus points to a payroll gain of 285K; analysts at Wells Fargo forecast a gain of 325K in August.
Key quote:
“July jobs report was a blowout despite consensus expectations for “just” a 250K gain. Big Employment growth in most industries was broad-based and the revisions to employment in the first two months were mildly positive. However, the report may still cause some indigestion among FOMC members. Wage growth was stronger than expected and labor force participation fell by a tenth points, three tenths below the March 2022 level.”
“More than 500,000 new jobs were added each month, which is comparable to an economy with strong economic growth. Unanimous. However, other indicators point to a slowing economy and monetary policy makers are charting a course to bring labor supply and demand more balanced. We would therefore be surprised that employment growth continues to approach July’s pace in the months ahead. We expect Nonfarm payrolls will increase by 325K in August.”
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