August Payroll Projections See Modest Gain for US Economy

The US economy is expected to show some signs of life in August, according to a Dow Jones consensus estimate that projects nonfarm payrolls will increase by 53,000. This comes after June and July saw a net loss of 3,000 jobs.

The unemployment rate is predicted to remain steady at 4.1%. The Bureau of Labor Statistics report on Friday is expected to bring an end to a relatively jobless summer.

However, initial August payroll figures have been revised lower in each of the past four years, which has added to scrutiny of the first reading. Dan North, senior economist for Allianz Trade North America, described the labor market as 'stable but unexciting'.