Job Growth on Firm Footing in the U.S. Despite Market Turmoil

The ADP report for August was on the weak side, but is still a 'firm number' for job growth, according to Robert Brusca, chief economist at FAO Economics. Brusca said he expects to see job growth of about 200,000 when the government releases its monthly employment report on Friday. Brusca said wage inflation is still lacking, which is evidence that the labor market has not tightened. He also expects that the current pace of job growth will weaken in the months ahead. Despite the recent stock market turmoil over China slowdown worries, Brusca does not expect to see that impacting hiring in the near term. He does expect that weakness in China will impact corporate earnings and export numbers.