Investing.com's Latest US Jobs Report: Analysts Forecast 144,000 Jobs Added in September
The latest US jobs report on Friday is expected to be a major event in the economic calendar this week. Economists are predicting that the US economy will add 144,000 jobs in September, a slight increase from the previous month's 142,000. The unemployment rate is also anticipated to hold steady at 4.2%, matching August's level.
In August, the payrolls figure came in lower than expected at 89,000, indicating a slowdown in labor demand. This trend played a significant role in the Federal Reserve's decision to announce a 50-basis point interest rate reduction last month. Analysts at ING believe that the jobs market will continue to influence potential interest rate cuts, especially as inflation appears to be easing.
Federal Reserve Chair Jerome Powell hinted that future rate cuts would likely be more traditional quarter-point reductions. Despite the recent interest rate cut, Powell emphasized that the Fed's policy on borrowing costs is not predetermined. The central bank is not rushing to make further rate cuts, despite the recent reduction.
On Tuesday, US job openings saw a slight unexpected increase in August, hinting at some resilience in the labor market in the third quarter. The Job Openings and Labor Turnover Survey showed a rise in available positions, a positive sign for labor demand.
Overall, the upcoming jobs report will be closely watched by investors and analysts to gauge the health of the US economy. The nonfarm payrolls number for September and market reactions to the report will be essential indicators for future economic trends and potential interest rate adjustments.
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