Nonfarm payrolls came in way below expectations this month, as 130,000 jobs were added to the US economy in August, compared to the 160,00 expected. Pantheon at the time warned that this is just the start and that by late fall growth could slump.
"Employer surveys and other data suggest that job growth is on course to slow to just 50,000 or so by late fall," said Pantheon Macroeconomics. "This implies that unemployment is likely to start creeping higher, and we expect layoffs to start creeping up too."