The Labor Department’s US employment report for September highlights this week’s economic data
The Supply Management Institute’s survey of purchasing managers in the services sector is expected to show slower expansion activity in September than in August. Service-sector growth picked up a record pace in July, but has since slowed as consumers responded to rising Covid-19 cases, and business operations hit a tighter labor market, material shortages, rising prices and supply constraints. was compelled.
US jobless claims rose for three consecutive weeks during September, but there are signs that temporary factors pushed up the tally. Economists are forecasting a decline in new applications for unemployment benefits for the week ending October 2, putting the number closer to a pandemic.
It is expected that US employers added jobs at a solid pace in September as labor-market recovery gets back on track. In August, recruitment slowed sharply, leaving the US economy with nearly five million fewer jobs than at the beginning of 2020. Meanwhile, businesses have posted record numbers of job openings, complaining they can’t find workers and raising wages as they struggle. To employees. Economists say ending federal COVID-related jobless benefits and reopening schools will help bring more workers back into the labor force in September.