Risks to US Job Market Start to Emerge in Regional Fed Surveys
- Five factory employment gauges stuck in contraction territory
- Service providers also softer, while workweek measures cool
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Employment gauges in a fresh batch of regional Federal Reserve bank surveys are emblematic of the risks to the US job market prompting the central bank’s turn toward interest-rate reductions.
August indexes in each of the five recently released regional manufacturing reports show shrinking payrolls at factories, and gauges of employment at service providers are settling back. Measures of hours worked are also slipping.