Economists surveyed by Dow Jones expect the Bureau of Labor Statistics to report Friday that nonfarm payrolls increased by 145,000 in September
Taken together, the readings point to weak optimism and the likelihood that an economy that not long ago was adding workers at a clip of more than 200,000 a month is in the midst of a substantial deceleration.
Still, he's wary that such "soft" data, or that based on sentiment and intentions, could translate into hard data measuring headcount and activity. As things stand, economists surveyed by Dow Jones expect the Bureau of Labor Statistics to report Friday that nonfarm payrolls increased by 145,000 in September while the unemployment rate probably held at the 50-year low of 3.7%. The final count could be substantially below that, according to Joseph LaVorgna, chief economist for the Americas at Natixis, who said the ISM employment indexes are "highly correlated with nonfarm payrolls.
Indeed, the trend already has been notably lower in 2019, with the monthly average growth of 158,000 well below the 223,000 pace from a year ago.
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