Afternoon – any initial thoughts about if you need to rearrange resource alignment to accommodate for any changes in the portfolio structure?
Job growth in August likely slowed from July’s frenzied pace, but it is still expected to have been quite strong, with broad-based hiring across many sectors.
Monthly jobs data is always important, but the August report, released at 8:30 a.m. ET Friday, is particularly key since the state of the labor market will be an important consideration in the Federal Reserve’s next interest rate decision later this month.
The economy is expected to have added 318,000 jobs in August, less than the surprisingly strong 528,000 jobs added in July, according to Dow Jones. The unemployment rate is expected to hold steady at 3.5%, while average hourly wages are forecast to rise 0.4%, or 5.3% on an annualized basis.
“The view from market participants is the employment report is more important than the CPI inflation report in determining whether a 75 basis point or larger hike in September is more appropriate than a 50 basis point hike, and I think that’s the right view,” said Michael Gapen, chief U.S. economist at Bank of America.