US Nonfarm Payrolls Due September 4th: Consensus Forecasts 58,000 New Jobs
The upcoming US nonfarm payrolls report is set to be released on September 4th at 13:30 BST/08:30 EDT. The consensus forecast expects a rebound in August's employment numbers, with a gain of 58,000 jobs, following July's decline of 23,000. The unemployment rate is expected to remain steady at 4.1%, while average hourly earnings are forecast to rise by 0.3% month-over-month.
The labour market has been showing mixed signals in August, with claims data softening slightly during the survey window and ADP's private payrolls data undershooting expectations. However, Challenger reported a rise in job-cut announcements in August, despite stronger hiring plans.
Business surveys have also been providing conflicting signals, with the ISM manufacturing employment index remaining in expansion but slowing, while S&P Global's surveys showed hiring strengthening across both manufacturing and services.