August Non-Farm Employment Expected to Increase by 53,000, Unemployment Rate to Remain at 4.1%
The U.S. non-farm employment is expected to increase by 53,000 in August, while the unemployment rate is projected to remain at 4.1%. The U.S. Department of Labor is set to release the employment situation report on September 4 at 9:30 PM KST. CNBC cited estimates from Dow Jones to report these figures. This indicator will help determine whether the U.S. labor market has moved away from the slowdown experienced during the summer, as employment in June and July recorded a net decrease of 3,000 jobs combined. If the forecast holds true, August's employment will show improvement compared to the previous month; however, if the increase remains in the 50,000 range, it may be difficult to view the labor market as having returned to a strong expansion phase. The recovery in hiring within the private sector is also not very pronounced, with Vanguard suggesting that the increase in employment for August could be limited to 8,000 jobs. Currently, the U.S. labor market shows weak new hiring but does not exhibit significant large-scale layoffs, with weekly unemployment claims not surging and the unemployment rate expected to remain at 4.1%. The Federal Reserve is focusing more on inflation than employment, with Director Christopher Waller mentioning that the labor market is in a 'satisfactory state.' Citigroup predicts an increase of 20,000 jobs in August, with the unemployment rate at 4.2%.
-- Price
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