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Construction and manufacturing may have added to what is expected to have been just a meager pickup in job growth in July.
Economists expect to see 100,000 non-farm payrolls and an unchanged unemployment rate of 8.2 percent, according to Reuters. That compares to 80,000 jobs added in June. The employment report is released at 8:30 a.m. ET Friday.
“We’re looking at very specific industries that helped generate a marginally better number,” said Credit Suisse economist Jonathan Basile. He expects to see 110,000 nonfarm payrolls, with pickups in construction, manufacturing and health care.
Manufacturing should get a boost because auto makers, which usually close down plants in July, left them open this year. “Health care last month ran at one third of its rate. The 11,000 increase in health care was too far below normal. It averaged 33,000 in the prior 12 months,” he said.
Traders see the always-important jobs report as even more key because this report and the one in September will be important elements for the Fed, in determining whether it will carry out more quantitative easing when it meets Sept. 12. The Fed this week concluded a two-day meeting without taking action, but it did strengthen its commitment to conduct a new round of asset purchases, if necessary. Stocks were down sharply Thursday, after European Central Bank took no new steps to ease.
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