RESOLVING THE LEDGER
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NEW YORK (AP) — Wall Street will get several important updates this week about the health of the U.S. jobs market.
On Tuesday, the U.S. will release its July report focusing on job openings and turnover. It provides details on job openings within specific industries and areas of the economy. It also provides details on turnover, including layoffs and people quitting their jobs.
The government will release a broader and closely-watched monthly employment report on Friday. The monthly jobs report for August will provide details on job growth and unemployment for a wide range of industries, along with public sector employment.
The employment report for July showed that the U.S. job market stalled unexpectedly. Employment has been a mostly resilient area of the economy even as stubborn inflation continues to squeeze businesses and households, while consumer confidence weakens.
A weakening employment market could create a tough situation for Federal Reserve. The central bank has to balance fighting inflation with supporting employment and its main tool for that “dual mandate” remains interest rates. Raising its benchmark rate to fight stubbornly high inflation could further damage the jobs market. Cutting its benchmark interest rate to help support employment could worsen inflation.
The Fed has been holding rates steady as it monitors the impact on inflation from the U.S. war with Iran, which has raised crude oil prices, making everything from gasoline to shipped products more expensive. That is on top of an ongoing U.S. trade war with much of the world that has made many goods more expensive.
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