Waller's Warning: August Jobs Report May Not Justify Rate Hike
A crucial week for the US economy has come to an end as Friday's jobs report looms. Despite dragging on, the month and summer have passed by quickly, according to a mysterious man in a darkened window.
The Bureau of Labor Statistics (BLS) will release its August jobs numbers at 8:30 ET this morning, which could indicate whether the economy has returned to net negative growth. In July, the BLS reported a loss of 23,000 non-farm payroll jobs across the US, with revisions downward for June and May also.
However, the ADP employment report suggests a more positive picture, estimating 38,000 new private sector jobs in August after a gain of 46,000 in July. The ADP report averages 68,000 new hires per month this year so far.
Fed Governor Christopher Waller spoke out on Thursday, backing up concerns about inflation and suggesting that the Federal Reserve may not need to raise interest rates at their next meeting. Waller stated that 'inflation is meaningfully above target' but noted recent trends indicating disinflationary signs.