Today is a big day for the US economy and the country's central bank, the Federal Reserve System.
US Department of Labor will release the employment report on non-farm payrolls for August at 8:30 am ET. This report has acquired a special significance, since at stake rate hike this year.
According to the forecasts of economists surveyed by CNNMoney, last month, the US economy created 175,000 new jobs. This is a good result, however, the projected growth is significantly lower than in June and July, when US employers have created more than 250,000 jobs a month.
Earlier, Fed officials have repeatedly stressed that the labor market data for August will be a key factor in the decision on the interest rate. Recall, the Federal Reserve meeting will be held in late September.
As of today, the probability of a rate hike in September is very low, but some economists believe that a strong report on employment can change the situation.
"A strong report is likely to cause a movement in the market, - said the chief US economist at High Frequency Economics Ltd. Jim O'Sullivan. - Unfortunately, according to our forecasts, the data will be disappointing. "
Indices for August are usually low. According to preliminary data. But we should not forget that the Ministry of Labour is revising the figure for each month twice.
After the revision, the pace of job creation for this month, as a rule, meet the average. However, only up to the Fed meeting will be released first record, so strong report today will increase the chances of a rate hike in September.
Based on materials WELTRADE