New York Times (08/30/12)

Although recent weekly government labor market data indicate sluggish job creation in August, Moody’s Analytics believes overall job growth for the month will be stronger than in the spring. Moody’s is forecasting a slight decrease in the unemployment rate from 8.3% in July to 8.2%. It predicts a rise in nonfarm payrolls by 145,000, which is less than the 163,000 posted last month but higher than the 73,000 average for the second quarter. However, Moody’s says an increase in the four-week moving average of continuing claims for unemployment benefits, weak consumer confidence, and a lackluster “beige book” report from the U.S. Federal Reserve could mean August job growth may be less than forecast.