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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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