Jobs: August Crunch Has Little Impact
Wall Street will be looking for evidence that global credit market turmoil took a toll on U.S. job growth in August, as detailed in the employment report for the month, scheduled for release Sept. 7. We at Action Economics think that available indicators suggest only limited impact on the month. Why? The headline non-farm payrolls figure will enjoy a bounce in government job growth. Meanwhile, weekly jobless claims have risen only modestly, and factory indicators suggest a still-tight labor market.
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