As Phase One of reopening begins in Northern Virginia today, a waiter in a face mask to protect against the coronavirus (COVID-19) carries food to diners seated outdoors at a restaurant in Alexandria, Virginia, May 29, 2020.
Kevin Lamarque | Reuters
The pace of rehiring is expected to have slowed in August, and the economy likely added fewer jobs than in July as workers continue to be laid off.
Economists expect 1.32 million jobs were added in August, and that the unemployment rate fell to 9.8%, according to a Dow Jones survey. That compares to 1.76 million job gains in July and an unemployment rate of 10.2%. The August employment report is expected to be released at 8:30 a.m ET Friday.
“Retail spending and durable goods orders are up. The economy is progressing,” said Chris Rupkey, chief financial economist at MUFG Union Bank. “If that is the case, the labor