NEW YORK (NewsNation) — The August jobs report is set to be released Friday amid a shake-up at the Bureau of Labor Statistics and as recent data points to a slumping labor market. Economists expect that trend to continue.
Friday’s report is one of the last key points the Fed will review before deciding on a rate cut in two weeks. Labor Department data from early this week showed continued cooling, with fewer job vacancies and an uptick in layoffs.
A Dow Jones survey predicted 75,000 jobs added last month, just above July’s 73,000, with unemployment ticking up to 4.3% from 4.2%
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Friday’s report will be the first since President Donald Trump fired labor statistics chief Erika McEntarfer, raising the stakes for any major revisions.
If August’s jobs report shows weak labor conditions, the Fed is almost sure to cut rates by a quarter point this month. Markets have now put that probability near 99% following this week’s labor data. A weaker-than-expected report could spark expectations of a half-point cut.
Markets ended higher Thursday, as investors braced for what Friday’s numbers might reveal.
