A few brief excerpts from a note by Goldman Sachs economist Spencer Hill:
We estimate nonfarm payrolls rose 500k in August, below consensus of +725k. … we expect the reopening of schools to boost job growth by around 150k in tomorrow’s report. … We estimate a two-tenths drop in the unemployment rate to 5.2% … reflecting a firm household employment gain and a stable participation rate.
• At 8:30 AM ET, Employment Report for August. The consensus is for 728 thousand jobs added, and for the unemployment rate to decrease to 5.2%.
• At 10:00 AM, ISM Services Index for August.