U.S. job growth in August likely slower Hiring ex
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Hiring expected to taper off in reflection of softer economy
WASHINGTON (MarketWatch) — The monthly jobs report, always a big event to Wall Street, will take on added importance in the next two months as the 2012 presidential election draws near.
Yet the odds of a big change in the employment picture are slim. Despite an uptick in hiring in July, economists predict the U.S. will continue to add jobs at a modest rate that’s disappointing by historical standards.
In August, economists surveyed by MarketWatch forecast the U.S. added 120,000 jobs, down from an initial estimate of 163,000 in the prior month.
While that’s enough to keep pace with the natural expansion of the labor force, it’s far too weak to slash the nation’s 8.3% unemployment rate. The U.S. would need to add about 250,000 jobs a month over several years to accomplish that goal and pull unemployment down to precession levels — a level, in fact, that Republican presidential candidate Mitt Romney promised in his acceptance speech.
“We should remain in recovery mode, but it won’t be especially strong,” said Scott Brown, chief economist of financial-advisory firm Raymond James. “We have a lot of ground to make up in the labor market.”
The August employment report is the headliner on this week’s slate of economic data. Also on the dock are closely followed reports on the manufacturing and service sectors as well as monthly auto sales. http://www.marketwatch.com/story/us-job-growt...atest_news
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