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00:00 Speaker A
A big week of economic data on tap with the delayed jobs report and CPI report due out. Joining me now, Federal Reserve correspondent Jennifer Schonberger to talk more about all of this. Let’s take the jobs report first because that one is coming out tomorrow, Jen. So, what are the expectations looking like here?
00:15 Speaker B
Hey there, Julia. Fed officials finally going to be getting that key more current official government data that they have been waiting for. As you mentioned, the November jobs report due out tomorrow. Economist expecting 50,000 on the payroll number.
00:32 Speaker B
Now, the last jobs report we got was the September jobs report, which was released with a two-month delay. That had shown 119,000 on payrolls. The unemployment rate expected to tick up to 4.5% from 4.4%.
00:51 Speaker B
Now, Fed Chair J. Powell has already warned that Fed officials are going to take a skeptical eye to this data because of the government shutdown that may have skewed this. At the same time, we saw more than 150,000 government workers roll off of payrolls on October 1st. So that is likely being factored in as well.
01:19 Speaker B
So maybe not getting a more accurate snapshot of the job market until the next report due out in January. And Chair Powell had said that they think that monthly payroll data has been overstated by 60,000 per month,
01:31 Speaker B
and that really we have seen negative job growth perhaps of 20,000 per month. Now, we’re also going to be getting some key inflation data this week with the consumer price index. That is due out Thursday morning, and economists expect that on a core basis, which strips out those volatile food and energy prices, we are likely to see inflation stuck at about 3%, Julie.