This archive report was first published on 7 August 2020.
US Jobs Report Expected to Show Momentum Slowing ¶
On Friday, August 7, 2020, the US employment report for July is expected to be released, providing a fresh gauge of the pandemic's economic impact. Economists' forecasts vary widely, with a consensus pointing to a gain of 1.5 million jobs, but some expecting a net loss.
According to Michelle Meyer, head of US economics at Bank of America, 'The easy hiring that was done in May and June has been exhausted.' With many companies not running at full capacity, it becomes harder to get that incremental worker back in.
Lydia Boussour, senior US economist with Oxford Economics, estimates that employment dropped last month by 280,000, stating, 'There is a lot of uncertainty this time around. The labor market has definitely lost momentum in recent weeks.'
Analysts expect that data to be released later on Friday will show that the United States gained 1.5 million jobs in July, as the economy struggles to recover from the pandemic's lockdowns. However, some forecasters say the data could show a net loss of jobs, due to a surge in coronavirus cases causing some states to reimpose restrictions on businesses.
China's exports rose last month at their fastest pace so far this year, with a 7.2 percent increase in July compared to a year ago. This is despite the pandemic continuing to ravage other nations' economies.
Denmark's stock market is having a stellar year so far, with its stock indexes easily beating out the S&P 500, Japan's Nikkei 225, and the Stoxx Europe 600 index.
