The U.S. labor market appears to be a tugboat, churning ahead through stormy overseas economic waves.
This week’s employment report for September is expected to produce another solid gain in jobs: economists surveyed by MarketWatch predict a 190,000 increase. The unemployment rate is likely to remain at 5.1%.
“There is nothing telling me we’re about to veer away from where we were,” either toward a bigger increase in jobs or a slowdown, said Kevin Logan, chief U.S. economist at HSBC.
Logan expects a loss of manufacturing and oil-patch jobs given the fall in oil prices and the strong dollar. But strong gains in the domestic service sector should more than make up for losses there.