This Week's State Of The Economy - What Is Ahead? - 02 September 2022

By: Taro Chellaram /Wells Fargo Economics & Financial Report/Sep 05, 2022

This Week's State Of The Economy - What Is Ahead? - 02 September 2022

It’s been a great week for history buffs like me, who were encouraged to see the Battleship Texas (the last dreadnought-style warship still in existence) slip uneventfully from her mooring at San Jacinto battleground and move safely to dry-dock in Galveston for some much needed restoration work before moving to a new, more tourist-friendly location.  Similarly, economic news was buoyed by reports that employers added 315K new names to their payrolls in August.  At the same time an additional 786K people stepped back into the labor force looking for work. Amid such a rush, the unemployment rate rose to 3.7%. More job seekers also lifted the participation rate to 62.4% and thus easing some tightness in the job market even as payrolls expanded.

With the Fed laser-focused on inflation, the August CPI will offer the last major piece of the 50 bps vs. 75 bps puzzle. But we do not see anything in the August employment report to alter the general path ahead. See Interest Rate Watch for further details.




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