- Slowing Job Growth: Nonfarm Payrolls are projected to rise by 140,000 in September, the slowest pace since 2019, signaling potential labor market weakness.
- Port Strike Disruption: Dockworkers’ indefinite strike at key U.S. ports threatens trade, supply chains, inflation, and may impact the Federal Reserve’s rate decisions.
Nonfarm Payrolls (NFP) are projected to rise by 140,000 in September, matching August’s pace and pushing the three-month average job gains to the weakest level since mid-2019. The NFP data is due this Friday.
At the same time, a major labor disruption is underway. Dockworkers at 14 key ports, handling roughly half of U.S. trade, have launched an indefinite strike. The walkout could disrupt trade and strain the economy ahead of the presidential election and the crucial holiday shopping season.
Chicago Fed President Austan Goolsbee expressed concern that a prolonged strike could worsen supply chain bottlenecks, exacerbate inflation, and alter expectations for the Federal Reserve’s next move on interest rates.
