5 things to know Friday

Jobs report due as inflation, recession fears grow

As inflation and recession fears grow among middle-class Americans and affect spending habits, the much-anticipated monthly jobs report is due Friday. Some economists expect brighter news for this area of ​​the economy, and Wells Fargo has even raised its forecast for 240,000 nonfarm jobs added in July, up from 215,000. Still, weekly jobless claims have crept up to the highest levels since late 2021 though aren’t seen at alarming levels yet. Yet layoffs or hiring freezes continue to be announced almost daily, and some economists expect more as the economy slows under the weight of higher interest rates.

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