by Calculated Risk on 9/02/2021 09:00:00 PM

My August Employment Preview

A few brief excerpts from a note by Goldman Sachs economist Spencer Hill:

We estimate nonfarm payrolls rose 500k in August, below consensus of +725k. ... we expect the reopening of schools to boost job growth by around 150k in tomorrow’s report. ... We estimate a two-tenths drop in the unemployment rate to 5.2% ... reflecting a firm household employment gain and a stable participation rate.
emphasis added

Friday:
• At 8:30 AM ET, Employment Report for August.   The consensus is for 728 thousand jobs added, and for the unemployment rate to decrease to 5.2%.

• At 10:00 AM, ISM Services Index for August.