Stock futures wobble ahead of August jobs report

[mahatmakanejeeves]

Yahoo Finance

Stock market news live updates: Stock futures wobble ahead of August jobs report

Alexandra Semenova · Reporter
Fri, September 2, 2022 at 5:48 AM · 3 min read

U.S. stock futures wavered Friday morning as investors buckled up for critical monthly employment data. ... The Labor Department is set to release its August jobs report at 8:30 a.m. ET.

Futures tied to the S&P 500 teetered just below the flatline after the benchmark index staged a major comeback in the prior trading session to reverse a drop of more than 1% and close firmly higher. ... Contracts on the Dow Industrial Average slipped slightly below breakeven after the index pared a 300-point loss Thursday to cap the day up 150 points. Futures tied to the Nasdaq Composite were off by 0.1%.

Government data is likely to show another month of strong hiring despite a streak of larger-than-anticipated rate hikes by Federal Reserve policymakers to cool economic growth in an effort to mitigate inflation. ... Nonfarm payrolls rose an estimated 300,000 in August, according to data from Bloomberg. In July, the economy added a whopping 528,000 jobs. Still, monthly job gains would remain robust on a historical basis if the estimate is realized, as monthly payroll gains averaged about 164,000 per month in 2019.

Investors will be laser-focused on Friday’s data after Fed Chair Jerome Powell asserted in a hawkish speech at the Jackson Hole symposium last week that he is willing to accept weaker labor conditions in exchange for cooling prices.

{snip}

[progree]

1. Employment fell 168,000 over the last 4 months, according to BLS's Household Survey

Why You Can't Trust Friday's Jobs Report, And What It Means For The S&P 500, Jed Graham, Investor's Business Daily, 9/1/22 (no paywall)
https://www.investors.com/news/economy/jobs-report-why-you-cant-trust-it-and-what-friday-data-means-for-sp500/?src=A00220

### 800am ET I'm getting "Notice: Data Not Available" on all the below links ####
I suspect they are working on the updates, should be available at 830am with the new August report numbers

NONFARM PAYROLL JOBS (Establishment Survey and headline jobs number): https://data.bls.gov/timeseries/CES0000000001
monthly increases: https://data.bls.gov/timeseries/CES0000000001?output_view=net_1mth

EMPLOYED (Household Survey): http://data.bls.gov/timeseries/LNS12000000
monthly increases: http://data.bls.gov/timeseries/LNS12000000?output_view=net_1mth

LABOR FORCE (Household Survey): http://data.bls.gov/timeseries/LNS11000000
monthly increases: http://data.bls.gov/timeseries/LNS11000000?output_view=net_1mth
Down 449,000 in the last 4 months

These are numbers through July, released 8/5/22. Will be interesting to see what today's data brings.

Just to add a little excitement this lovely meteorological fall day