Economic Release Snapshot: Hiring Picks Up in August

Each week, we break down the latest U.S. economic reports, including what the results mean for the overall health of the economy. Here, you will find how economists’ forecasts compare with actual results, key takeaways to consider, as well as a list of what’s on tap for the week ahead.

Reports for the Week of September 3

ISM Manufacturing, August (Tuesday)

• Expected/prior ISM Manufacturing index: 47.5/46.8
• Actual ISM Manufacturing index: 47.2

Manufacturer confidence improved in August despite slower hiring during the month.

Trade balance, July (Wednesday)

• Expected/prior trade deficit: ‒$79.0 billion/‒$73.0 billion
• Actual trade deficit: ‒$78.8 billion

The trade deficit widened to its largest monthly level in more than two years in July. The increase was driven by a 2.1 percent rise in imports during the month that outweighed a 0.5 percent increase in exports.

ISM Services, August (Thursday)

• Expected/prior ISM Services index: 51.4/51.4
• Actual ISM Services index: 51.5

Service sector confidence improved modestly in August after rising more than expected in July. New orders picked up during the month while hiring growth slowed.

Employment report, August (Friday)

• Expected/prior change in nonfarm payrolls: +165,000/+89,000
• Actual change in nonfarm payrolls: +142,000

Hiring accelerated in August as 142,000 jobs were added following a downwardly revised 89,000 jobs in July. The unemployment rate fell from 4.3 percent to 4.2 percent during the month.

Upcoming Reports for the Week of September 9

Consumer Price Index, August (Wednesday)
Year-over-year consumer inflation is expected to drop to 2.6 percent in August, while core inflation is set to remain unchanged at 3.2 percent.

Producer Price Index, August (Thursday)
Producer inflation is also expected to show signs of softening, with year-over-year producer price growth set to slow from 2.2 percent in July to 1.8 percent in August.

University of Michigan consumer sentiment, September, preliminary (Friday)
The first look at consumer sentiment in September is expected to show a modest improvement for the index during the month.