All eyes are turning to the next read on the economy when the U.S. Bureau of Labor Statistics releases its monthly employment report Friday.
Analysts polled by FactSet are expecting 250,000 new jobs were added to the economy last month following June's 372,000 gain, TheStreet's Corey Goldman reported.
The economic research team at Glassdoor expects recent deceleration in jobs growth to continue and the unemployment rate to remain relatively flat.
"Job gains have been slower but mostly flat since March. Job gains should continue to decelerate as the broader economy slows. If job gains slow, it’s likely they’ll hit the slowest rate of hiring since April 2021," Daniel Zhao wrote.
Bob Lang, co-portfolio manager of the Action Alerts PLUS investing club, broke down what he expects from the jobs report and how it could impact the next rates decision from the central bank's Federal Open Market Committee.
"I know the Fed is going to be watching that very, very closely. They've been concerned that inflation is still raging out of control, and higher wages certainly feeds into that thesis as well too," Lang said.
Full Video Transcript Below:
BOB LANG: So as we prepare for the jobs report, what are we looking for? We're looking for a retreat in numbers from the June figures. We're looking for about 250,000, an unemployment rate of about 3.6%, wages also up again.
So that's going to be something we're going to be paying very close attention to. I know the Fed is going to be watching that very, very closely. They've been concerned that inflation is still raging out of control, and higher wages certainly feeds into that thesis as well too.