US Job Growth Poised to Accelerate

Data expected to be released this week are likely to show that U.S. employers accelerated hiring in July, reflecting continued steady demand for labor despite pressures stemming from geopolitical concerns and high inflation. Economists expect the upcoming monthly jobs report to show an increase of 85,000 jobs, following a rise of 57,000 jobs in June, which was below expectations, according to a Bloomberg survey median estimate. The unemployment rate, based on a household survey rather than an establishment survey, is likely to remain steady at 4.2%. With the labor market and the economy demonstrating resilience, some Federal Reserve officials are pushing for interest rate hikes to curb inflation.