Bloomberg survey: Non-farm payrolls are expected to increase by 165,000

Economists generally expect employment to rebound after a weak July report, with nonfarm payrolls expected to increase by 165,000 and the unemployment rate to fall slightly to 4.2%, according to a Bloomberg survey. Previously, July's employment data was weak across the board, but most forecasters believed that this exaggerated expectations of slowing job growth after the epidemic. Last month's data showed that nonfarm payrolls increased by only 114,000, far below the expected 175,000, and the unemployment rate jumped from 4.1% to 4.3%, the highest level since October 2021. If two consecutive months of weak employment data are maintained, it may fuel the market's view that the Federal Reserve has maintained high interest rates for too long. The current U.S. benchmark interest rate is at a 23-year high of 5.25%-5.5%, which may increase the possibility of a recession. (Jinshi)