The federal government’s August jobs report is widely expected to show a continuation of this summer’s soft hiring numbers, just one month after the labor market contracted by 23,000 jobs.
\n\nAhead of the report’s release Friday at 8:30 a.m. ET, economists surveyed by Dow Jones expected overall hiring of 53,000 roles in August and the unemployment rate holding steady at 4.1%.
\n\nIf those predictions prove accurate, it would mark the third weakest month for overall hiring so far this year.
\n\nEconomists also expect anemic wage growth of 0.3% month-over-month and 3% on an annual basis.
\n\n“We would not be surprised to see wage growth even softer,” wrote Citi’s Veronica Clark, whose overall wage expectations were in line with consensus.
\n\nA slowing pace of wage growth would come at a difficult time for consumers, especially those in lower income tiers.
\n\nThe inflation rate in July was 3.4% from a year ago, but that was before energy prices started climbing again.
\n\nOn Thursday, the international crude oil benchmark Brent surpassed $97 per barrel before closing around $95. Since Aug. 4, the price of Brent has risen more than 20%.
\n\nAugust inflation data won’t be released until Sept. 11. But any uptick from…
Original source: https://www.nbcnews.com/business