cbs.marketwatch.com
CBS.MarketWatch.com expects 214,000 new jobs, significantly less than the 310,000 net new jobs created in July, but enough to keep the pressure on labor markets.
"We'll see essentially a bearish report" with "signs that labor markets are still very tight," said Joe Abate, economist at Lehman Bros.
"Anything can happen in the jobs report," said Hugh Johnson, chief investment strategist for First Albany. He's predicting 245,000 new jobs, although he's the first to say the number is almost impossible to predict accurately.
"If it comes in close to that, the bond market will go down and the stock market will go down, but not a lot," Johnson said. The short end of the fixed-income markets is already pricing in a Fed rate hike by the November meeting, Johnson said.
Strong job growth is at the top of the Federal Reserve's worry list, which means that it's at the top of Wall Street's as well. The theory is that tight labor markets give workers enough bargaining power to force higher wages from their bosses. |
