5 things to know on Friday

Jobs report due to inflation, fears of recession increased

As inflation and recession fears rise and affect spending habits among middle-class Americans, the much-anticipated Monthly jobs report on Friday, Some economists expect good news for this sector of the economy, and Wells Fargo has raised its forecast for the 240,000 non-farm jobs it added in July to 215,000. Nevertheless, weekly jobless claims have risen to their highest level since late 2021, though not yet seen at alarming levels. Yet layoffs or hiring freezes are announced almost daily, and some economists expect more as the economy slows under the weight of higher interest rates.

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