Investing.com Survey Shows 54% Expect U.S. Jobs Data to Miss Expectations Friday
According to a recent survey on X (formerly Twitter), 54% of Investing.com users anticipate the U.S. jobs data to fall short of expectations this Friday. The poll, which garnered 2,186 votes, revealed that the majority believe the jobs report will miss the consensus of 164,000, with 54% predicting a miss and 46% expecting a beat.
A weaker-than-expected jobs report could potentially prompt the Federal Reserve to consider a 50 basis points rate cut instead of the anticipated 25bps. CME Group data on 30-Day Fed Fund futures indicates a rising likelihood of a larger rate cut in September.
The latest Sevens Report highlighted the significance of Friday's jobs report, stating that the growth implications could outweigh the decision between a 25 bps or 50 bps rate cut by the Fed. Investors are concerned about whether the Fed's rate cuts are sufficient and how the jobs report will impact market sentiment.
BofA's preview note forecasts solid job growth in August, predicting a rise in nonfarm payrolls by 200k after a 114k increase in July. They expect private payrolls to increase by 170k, with a rise in public sector hiring and steady growth in education & healthcare sectors.
Overall, the upcoming jobs report is crucial for investors as it could influence the Fed's future rate decisions and market sentiment. It is essential to monitor these developments closely to make informed financial decisions.