After Powell’s Speech and a Market Selloff, Economic Focus Turns to Jobs This Week – By Tim Smart (US News) / Aug 29, 2022
Analysts will be looking to see how much higher interest rates and a slowing economy will affect hiring.
Last week ended with a 1,000-point selloff of the Dow Jones Industrial Average after Federal Reserve Chairman Jerome Powell made it clear that the Central Bank is far from done raising interest rates.
So what does this week hold in store?
Jobs will dominate the calendar. The Labor Department will report on how many workers were hired in August. After July came in twice as high as estimated at 528,000, analysts are looking for 300,000 in August. But that would still be a strong number, begging the question of how much the Fed’s anti-inflation policy is denting the job market.
“The labor market is particularly strong, but it is clearly out of balance, with demand for workers substantially exceeding the supply of available workers,” Powell said on Friday at the Fed’s summer gathering in Jackson Hole, Wyoming.
