NEW YORK - Investor hopes for a soft landing for the U.S. economy will be put to the test next week, as the government releases closely watched labor market data following a series of disappointing jobs reports.
Some worry that the rate cuts may not be enough to avert a downturn, and Wall Street views the monthly employment report as one of the more critical reads on the economy. The prior two monthly reports have shown weaker-than-expected job increases, raising the stakes for the Oct 4 data. For the September report due out next week, nonfarm payrolls are expected to have increased by 140,000, according to Reuters data on Friday.
Hefty gains in U.S. stocks so far this year bode well for the rest of 2024, if history is any indication. Garrett Melson, portfolio strategist at Natixis Investment Managers Solutions, said the recent strength in defensive sectors such as utilities and consumer staples reflect concerns over a looming downturn.
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