The September U.S. jobs report, due Wednesday, is expected to show the labor market is progressing at cruising speed. Job growth is expected to remain healthy, albeit at a slower pace, and the Fed is likely to continue to apply the brakes with monetary policy.
The median forecast of economists surveyed by Bloomberg forecast that the number of jobs in September will increase by about 250,000 from the previous month. The unemployment rate is 3.7%, just above its nearly 50-year low, and could be the same as last month.
If as expected, employment growth would be the slowest since December 2020, when it was negative month-on-month, but still above the five-year average before the coronavirus crisis. Such persistent labor demand risks keeping wage growth at a high level, and the Fed’s efforts to curb inflation pressures by raising interest rates sharply have so far had limited impact on the job market. It is suggested.
Rice non-agricultural sector employment (top), unemployment rate (bottom)
Source: Bureau of Labor Statistics, Bloomberg
Boston Federal Reserve Bank President Collins announced on September 26 thatLecture“I believe that the achievement of price stability will inevitably involve a slowdown in employment growth and some increase in the unemployment rate,” he said, adding that “unemployment is painful, and the cost is a loss from the mainstream of society.” “I take this disproportionate focus on marginalized groups very seriously.”
This week, the U.S. will release employment data, as well as job openings for August and the ISM manufacturing and non-manufacturing index for September.
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