Economic Release Snapshot: Hiring Stays Strong 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 August 29

Conference Board Consumer Confidence (Tuesday)

• Expected/prior Consumer Confidence Index: 98.0/95.3
• Actual Consumer Confidence Index: 103.2

Consumer confidence increased by more than expected during the month, breaking a streak of three consecutive months of declining confidence.

ISM Manufacturing (Thursday)

• Expected/prior ISM Manufacturing index: 51.9/52.8
• Actual ISM Manufacturing index: 52.8

Manufacturer confidence remained unchanged during the month, which was better than economist estimates for a modest decline. This result signals continued growth for the manufacturing industry.

Employment report (Friday)

• Expected/prior monthly job growth: 298,000/526,000
• Actual monthly job growth: 315,000
• Expected/prior unemployment rate: 3.5%/3.5%
• Actual unemployment rate: 3.7%

More jobs than expected were added in August. The unemployment rate also increased by more than projected during the month; however, this was due to a strong increase in the labor force participation rate.

Upcoming Reports for the Week of September 6

ISM Services (Tuesday)

Economists expect to see service sector confidence decline modestly during the month yet remain in expansionary territory.

Trade balance (Wednesday)

The trade deficit is set to narrow for the fourth month in a row, which would bring the monthly deficit back to levels last seen in late 2021.