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☆ Live updates: Markets await jobs report as geopolitical tensions, strikes fallout and a hurricane rattle the US economy
  + stars: | 2024-10-04 | by ( Alicia Wallace | Elisabeth Buchwald | Bryan Mena | ) edition.cnn.com   time to read: +1 min
Federal Reserve Chair Jerome Powell speaks during a news conference on September 18 in Washington, DC. Anna Moneymaker/Getty ImagesThe Federal Reserve’s recent half-point cut will take some time to work through the system, Noah Yosif, chief economist and head of research at the American Staffing Association, told CNN. “Just because the Federal Reserve votes to decrease interest rates in September does not mean that employers are going to see lower costs in October,” he said, adding that it could take three to six months to filter through to businesses. More rate cuts are expected for later this year, but the extent will depend on the health of the labor market, and that outlook could be quite murky due to impact from the strikes and Hurricane Helene. Fed officials, who are scheduled to make the central bank’s next interest rate decision just days after the October jobs report lands, will do their best to look through the noise and what are likely idiosyncratic factors, said Ryan Sweet at Oxford Economics.
Persons: Jerome Powell, Anna Moneymaker, Noah Yosif, “, ”, Helene, Ryan Sweet, Ejindu Ume Organizations: American Staffing Association, CNN, Federal Reserve, Oxford Economics, Miami University in Locations: Washington , DC, Miami University in Ohio
☆ Friday’s jobs report could be the last normal one for a while
  + stars: | 2024-10-03 | by ( Alicia Wallace | ) edition.cnn.com   time to read: +7 min
CNN —September’s jobs report, due out Friday morning, is expected to show that the US labor market has slowed somewhat but remains on solid footing. While September’s employment data is expected to stay relatively tame, the same can’t be said for the October jobs report, which is set to be released on November 1, just days before the presidential election. The strikes and hurricane-related effects “are not going to permanently alter the trajectory of the labor market; but September is probably our last clean reading on the labor market for a while,” Ryan Sweet, chief US economist at Oxford Economics, told CNN earlier this week. The August jobs report, which showed better-than-expected estimated 142,000 payroll gains and a drop in the unemployment rate, went a long way to quell those fears. It showed that the jobs market is in “stasis,” Wells Fargo economists wrote in a note issued Tuesday.
Persons: bode, Lydia Boussour, ” Ryan Sweet, Helene, ”, Erica Groshen, They’ve, “, Andrew Challenger, Wells, Noah Yosif, ’ Sweet, Ejindu Ume, “ We’re, ” Ume Organizations: CNN, Federal Reserve, Boeing, Gulf Coasts, Oxford Economics, of Labor Statistics, Cornell University School of Industrial and Labor Relations, Employers, Challenger, Labor Department, Pantheon, Labor, BLS, “, American Staffing Association, Oxford, Miami University in Locations: EY, Hurricane, East, Gulf, Miami University in Ohio
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