Wall Street readies itself for another dismal jobs report

The BLS will release its montly unemployment report and and indications are it will be another downer. CNBC: The private sector created 91,000 jobs from July to August, a shade below expectations, according to a report from ADP that sets the stage for a likely weak report on nonfarm jobs the government will release Friday. ADP and Macroeconomic Advisors said service-sector jobs rose 80,000, down from an average increase of 115,000 over the past two months, while the goods-producing sector saw a gain of just 11,000. Consensus estimates are that the government will show the economy created about 80,000 jobs overall in August-including the public sector-though some economists say the report actually could show a loss of jobs. The ADP report showed that June's estimate of 114,000 jobs created was revised down to 109,000. Despite the tepid pace of job growth, which is well below the amount needed to reduce the 9.1 percent unemployment rate, Joel Prakken, chairman of Macroeconomic...(Read Full Post)