With the Labor Day weekend over and the new tariffs now in effect, most of the focus for September will be on the Federal Reserve. Will they or won’t they raise interest rates when the Federal Open Market Committee (FOMC) meets at the end of September?
Jobs Report: Total nonfarm payroll employment rose by 130,000 in August. Excluding the 25,000 temporary workers hired to prepare for the 2020 Census, the actual gain last month was just 105,000.
Gad Levanon, chief economist, North America at The Conference Board, said growth in the labor market was concentrated in three services sectors: professional and business services; health care and government. Also, the number of temporary workers rose in August.
“In sum, the report suggests that employment is slowing, but only gradually. Today’s jobs report would not significantly impact the way the Federal Reserve views labor market conditions in the U.S.,” Levanon concluded.
Brexit: It was a tough week for Boris Johnson, the U.K.’s new prime minister. Johnson has insisted that there won’t be any more delays on the U.K.’s exit from the European Union, now set for Oct. 31. Earlier this week, the House of Commons passed a bill that would prevent a no-deal Brexit. On Friday, the House of Lords gave final approval of that bill, in effect blocking Johnson’s plan to exit the EU without a deal in place.
New York Fashion Week: NYFW continues next week across multiple locations throughout Manhattan.