Here are some data points in advance of this morning’s BLS Employment Report.
Gallup’s daily tracking report indicated a surge in the unemployment rate … averaging 8.5% … getting as high as 8.8% during the month.
More data …
”Job cuts rose sharply in August” according to a report from global outplacement consultancy Challenger, Gray & Christmas
Monthly job cuts surged to the highest level since February, as U.S.-based employers announced plans in August to slash payrolls by 50,462, a 33.8
percent increase from the 37,701 planned job cuts announced in July
Job cuts last month were 57 percent higher than a year ago, when employers announced plans to reduce payrolls by 32,239.
This marks the third consecutive month in which job cuts outpaced the comparable period from 2012.
August ranks as the second largest job-cut month of the year behind February, when announced layoffs reached 55,356.
ADP reported that 176,000 jobs were added in August … down from 198,000 in July
On the plus side, the BLS reported lower initial unemployment claims in August.
My bet: about 175,000 jobs added … unemployment rate stays at 7.4% — a full point below Gallup’s surged rate