The current lineup of US GDP nowcasts for the third quarter continue to indicate a softer but still solid growth rate. Wall Street is wondering if the upcoming payrolls report for August will change the calculus.
Daily Archives: September 5, 2024
Macro Briefing: 5 September 2024
US job openings in July fell to the lowest level since January 2021, the Labor Department reports. The slide highlights concerns that the labor market’s recent slowdown will continue. The report also strengthens the view that the Federal Reserve will cut interest rates at next week’s policy meeting (Sep. 18). “The labor market is no longer cooling down to its pre-pandemic temperature, it’s dropped past it,” says Nick Bunker, head of economic research at the Indeed Hiring Lab. “Nobody, and certainly not policymakers at the Federal Reserve, should want the labor market to get any cooler at this point.”
