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With nonfarm payrolls (NFP) being the single biggest market moving data release, impacting all major financial markets, the US Labor Department is all set to report the American jobs data for August on Friday, September 2, 2022.
How did July’s jobs report fare?
Employers in the US continued to hire at a strong pace at the beginning of the third quarter, despite looming concerns over recession in the economy.
The Labor Department said that the US economy added 528,000 nonfarm payrolls in July, compared to a revised gain of 398,000 jobs in June. Analysts, however, were expecting an addition of 250,000 jobs for July. The country’s unemployment rate also declined to 3.5% in July. Total nonfarm employment in the US has also returned to pre-pandemic level.
So, what does the market expect from August’s NFP report?
Although the country’s labour market has remained resilient through the recent uncertainties, the continued cooling of economic growth amid surging inflation and increasing interest rates may soon start to have a negative impact on growth, which might force some major companies to slow down their hiring plans.
For August, analysts are expecting an addition of 290,000 job additions.
Dow Jones (DJ30) Prospects
The release of the jobs report is expected to significantly impact the global markets, including the Dow Jones index. With the end of the latest quarter’s earnings season, the NFP report might act as a strong catalyst for the blue-chip index in the coming months.
Get ready for the release of the all-important NFP, which is expected to bring trading opportunities before and after the release of the data. Uncover trading opportunities in the forex, equity and commodities markets with Vantage Markets.
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Vantage is a global, multi-asset broker offering clients access to a nimble and powerful service for trading CFDs on Forex, Commodities, Indices, Shares.
With more than 10 years of market experience and headquartered in Sydney, Vantage now has over 1,000 staff across more than 30 global offices.
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