U.S. employment data was released Friday, and it came out far short of expectations. The economy added only 235,000 jobs in August. Dow Jones surveyed economists and found that 720,000 people were looking for new jobs. In line with estimates, the unemployment rate fell to 5.2% from 5.4%. The FOMC will wait to announce a taper of its monthly asset purchases because of the slow recovery in the labor market and an increase in serious covid infection. "We now expect the FOMC will announce a $US10bn reduction in its monthly asset purchases at their 3 November meeting," Commonwealth Bank of Australia analysts wrote in a Monday letter. Monday is the Labor Day holiday, so U.S. markets will be closed.
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