Jobs report live updates: August jobs data expected to show labor market 'cooling, not cracking'

The Labor Department will release the August jobs report on Friday, providing clues about the health of the labor market as hiring and firing remain broadly at a standstill.Economists expect the US to have added 50,000 jobs last month, rebounding from an unexpected decline in jobs in July. The unemployment rate is expected to remain unchanged at 4.1%. "This is a labor market that is cooling, not cracking," ADP chief economist Nela Richardson told Yahoo Finance on Wednesday.While inflation remains the central question of the day, Friday's jobs report will also inform the Federal Reserve's decision whether to hike interest rates or hold them steady later this month. "Labor markets are quite stable," Fed Chairman Kevin Warsh said in an August speech. "In my view, the relatively low turnover in today's labor market is partly a result of the significant rematching between employers and employees that happened at scale in the post-pandemic environment."The August jobs report will follow a string of indicators on US employment trends this week. Here's a recap of what we learned in recent days about the "low hire, low fire" economy:Hiring remained steady, according to the Labor Department's monthly Job Openings and Labor Turnover Survey (JOLTS). The US added 7.3 million new job openings in July, which was little changed from the previous month.Private employers added 38,000 jobs in August, below economists' expectations for 47,000 new roles, according to payroll processor ADP. The healthcare sector accounted for the bulk of new jobs added, while manufacturing and professional services saw declines.US companies announced fewer layoff plans in August, according to outplacement firm Challenger, Gray & Christmas. The firm recorded 53,000 layoff plans last month, making it the slowest August for layoffs since 2022.Initial jobless claims ticked up slightly to 206,000, according to the Bureau of Labor Statistics, coming in above economists' expectations of 205,000.