Økonomer i USA venter en betydeligt lavere fremgang i beskæftigelsen i august end ventet og langt under fremgangen i de to foregående måneder. Det er Delta-varianten, der er årsag til det meste af den udvikling, men også mangel på råvarer, der tvinger virksomhederne til at holde igen på aktiviteten og jobhyringen. En undersøgelse blandt økonomer viser en gennemsnitlig vurdering på 750.000 nye jobs, men vurderingen svinger fra 375.000 til over en million jobs. Job-udviklingen er afgørende for, hvornår centralbanken vil begynde at stramme pengepolitikken.
U.S. job growth seen slowing in August as Delta variant curbs services demand
U.S. employment growth likely pulled back in August after gaining nearly 2 million jobs in the past two months as soaring COVID-19 cases reduced demand for travel and entertainment, but the pace was probably enough to sustain the economic expansion.
The Labor Department’s closely watched employment report on Friday would come as economists have been sharply marking down their gross domestic product estimates for the third quarter. Reasons cited include the resurgence in infections, driven by the Delta variant of the coronavirus, and relentless shortages of raw materials, which are depressing automobile sales and restocking.
Surging COVID-19 cases could also have kept some unemployed people home, frustrating efforts by employers to boost hiring.
According to a Reuters survey of economists nonfarm payrolls likely increased by 750,000 jobs last month. The economy created 1.881 million jobs in June and July. Should job growth in August meet expectations, that would leave the level of employment about 5 million jobs below its peak in February 2020.
But the forecast is highly uncertain, with estimates ranging from 375,000 to 1.027 million.
High frequency indicators have suggested a softening in demand for air travel, hotel accommodation and in-person dining, which some economists expect led to a moderation in leisure and hospitality job growth.
Reports this week showed a measure of factory employment contracting and private payrolls undershooting expectations. But hiring by small businesses accelerated and consumers’ views of the labor market remained fairly upbeat.
Over the last several years, including in 2020, the initial August payrolls print has undershot expectations and been slower than the three-month average job growth through July.
“COVID effects may make this comparison to the trend less useful, however, August payrolls have been revised higher with the subsequent two jobs reports in 11 of the last 12 years, including last year,” said Conrad DeQuadros, senior economic advisor at Brean Capital in New York.
Friday’s report will be crucial for financial markets as investors try to gauge the timing of the Federal Reserve’s announcement on when it will start scaling back its massive monthly bond buying program.
Fed Chair Jerome Powell last week affirmed the ongoing economic recovery, but offered no signal on when the U.S. central bank plans to cut its asset purchases beyond saying it could be “this year.”
Jim O’Sullivan, chief U.S. Macro Strategist at TD Securities in New York, who is forecasting a 400,000 rise in payrolls in August, does not believe this would be weak enough for the Fed to back away from their “this year” signal.
“But it would probably increase the probability of a formal announcement coming at the December rather than the November meeting,” said O’Sullivan. “We certainly don’t expect an announcement at this month’s meeting, even if the August data are stronger than expected.”
Motor vehicle sales tumbled 10.7% in August, prompting economists at Goldman Sachs and JPMorgan to slash third-quarter GDP growth estimates to as low as a 3.5% annualized rate from as high as 8.25%.
The economy grew at a 6.6% rate in the second quarter.
The unemployment rate is expected to have declined to 5.2% in August from 5.4% in July. It has, however, been understated by people misclassifying themselves as “employed but absent from work.”
The pandemic has upended labor market dynamics, creating worker shortages even as 8.7 million people are officially unemployed. There were a record 10.1 million job openings at the end of June. Lack of affordable childcare, fears of contracting the coronavirus, generous unemployment benefits funded by the federal government as well as pandemic-related retirements and career changes have been blamed.
With labor scarce, average hourly earnings likely increased 0.3% after rising 0.4% in July. That would keep the annual increase in wages at 4% in August.