Economists See Haiti TPS Expiration as Risk to Friday's Jobs Report

According to CNBC, economists said the end of Temporary Protected Status for Haitians could weigh on Friday's jobs report, with EY-Parthenon economists Gregory Daco and Lydia Boussour saying the expiration of TPS-related work authorization for Haitian nationals is a downside risk to August payrolls. The federal government said in late July that Haitians no longer qualified for TPS after a favorable Supreme Court decision in June, and the economists said the impact is hard to gauge because some workers may have shifted to other visa types. They said any drag on employment could be felt most in labor-heavy service industries. Economists polled by Dow Jones expect nonfarm payrolls to rise by 53,000 in August and the unemployment rate to hold at 4.1%. Bill Adams, chief U.S. economist at Fifth Third Commercial Bank, said the work authorization change probably weighed on the ADP private payrolls report, which showed companies added 38,000 jobs in August, below the prior month and the 47,000 consensus forecast. JPMorgan's trading desk said Friday's payrolls number could trigger notable swings in the S&P 500.