Economy Coming week: Trade, Services, Employment

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The port of Bayonne, NJ, in August, as the US trade deficit likely widened.


Photo:

andrew kelly / Reuters

The Department of Labor’s U.S. employment report for September is the highlight of this week’s economic data.

TUESDAY

The US trade deficit probably widened slightly in August. Preliminary data showed US merchandise exports hit an all-time high as recoveries strengthened in other parts of the world. But imports of consumer goods and industrial supplies also picked up in August, pushing the goods deficit up. Tuesday’s Commerce Department report will also include trade in services.

The Institute for Supply Management survey of purchasing managers in the service sector should show that activity is growing at a slower pace in September than in August. Growth in the service sector hit a record pace in July, but has since slowed as consumers reacted to rising Covid-19 cases, and business operations have been constrained by a tight labor market , material shortages, rising prices and bottlenecks.

THURSDAY

Unemployment claims in the United States have climbed for three straight weeks in September, but there are signs that temporary factors have inflated the tally. Economists forecast a drop in new jobless claims for the week ended October 2, keeping the number close to a pandemic low.

FRIDAY

US employers are expected to have created jobs at a sustained pace in September as the labor market recovery got back on track. In August, hiring slowed sharply, leaving the US economy about five million fewer jobs than at the start of 2020. Businesses, meanwhile, posted a record number of job vacancies. complain that they cannot find workers and raise wages as they struggle. to staff. Economists say the end of federal unemployment benefits linked to Covid and the reopening of schools should help bring more workers back to the workforce in September.

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