The Bureau of Labor Statistics released the Employment Situation report on Sept. 5, delivering the most closely watched economic indicator in the federal government on the final full working day before the Labor Day holiday weekend.
The monthly jobs report, which measures nonfarm payroll employment, unemployment rates and wage growth, is among the most market-moving and politically significant data releases the government produces. Its timing on the eve of a holiday celebrating American workers amplifies its policy relevance heading into the fall legislative season.
The report arrives against a backdrop of a 3.4% year-over-year Consumer Price Index based on the most recent available July data, a figure that remains above the Federal Reserve’s 2% target and influences decisions on interest rates that affect mortgage costs, credit card rates and business borrowing for millions of Americans.
The BLS also released its Productivity and Costs report on Sept. 3, showing the latest quarterly trends in worker output and unit labor costs. Productivity growth is a key determinant of living standards and wage sustainability.
Metropolitan area employment and unemployment data for hundreds of U.S. cities was released Sept. 2, providing a granular look at regional labor market conditions across the country. The metro data allows comparison of local job markets and is used by state and local policymakers, businesses and workers making relocation decisions.
The reports collectively set the economic narrative heading into the fall budget and appropriations season. Congressional budget writers, the Federal Reserve and the White House Council of Economic Advisers all use BLS data as foundational inputs for policy decisions.
Financial markets were expected to digest the report’s findings when trading resumes after the Labor Day holiday.