Special Guest Appearance by Mark Heppenstall This Week
The Federal Reserve (Fed) will get another data point this week to measure the progress toward its maximum employment goal. The general consensus for Friday’s July employment report puts estimates at nearly 900,000 new jobs, but the forecasts range widely from 350,000 to 1.2 million, as pandemic-related factors continue to raise uncertainties about the supply of labor.
During last week’s Federal Open Market Committee meeting press conference, Chair Powell emphasized that the labor market “has a ways to go” before achieving the Fed’s maximum employment goal. Following the 850,000 payroll gain in June’s employment report, another strong number this week will add pressure on the Fed to advance the timeline for winding down bond purchases.
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