Report published August 30, 2026
Goldman Sachs US Week Ahead: August Employment Report, ISM Indices & Fed Outlook
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 30, 2026
- Analysis as of
- Not stated in source
Authors / editors: Jan Hatzius, David Mericle, Alec Phillips, Ronnie Walker, Elsie Peng, Pierfrancesco Mei, Jessica Rindels, Abhay Duggirala
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Goldman Sachs outlines the US economic calendar for August 31–September 6, 2026, highlighted by the August nonfarm payrolls report, ISM surveys, and Fed speeches from Barr, Waller, and Hammack. GS projects August nonfarm payrolls at +40k, an unchanged 4.1% unemployment rate, and Q3 GDP tracking at +2.7% annualized.
Key Takeaways
- 1.Goldman Sachs estimates August nonfarm payrolls increased by 40k (below consensus of +55k), with the unemployment rate steady at 4.1% and average hourly earnings up 0.4% MoM.
- 2.The ISM manufacturing index is forecast to edge higher to 56.0 in August, driven by regional surveys, while ISM services is projected to hold flat at 54.1.
- 3.Multiple Fed officials speak during the week, including Governors Barr and Waller, and Cleveland Fed President Hammack, alongside the release of the September Beige Book.
Table of Contents
- Monday, August 31
- Tuesday, September 1
- Wednesday, September 2
- Thursday, September 3
- Friday, September 4
- Latest GS Tracking Tools
- Disclosure Appendix
Report data
Key figures extracted from this report
| Metric | Estimate | Context |
|---|---|---|
| Nonfarm Payroll Employment | 40 k | GS forecast for August nonfarm payroll employment (consensus +55k, previous -23k) |
| Unemployment Rate | 4.1% | GS estimate and consensus for August unemployment rate |
| Average Hourly Earnings (MoM) | 0.4% | GS estimate for month-over-month average hourly earnings growth |
| ISM Manufacturing Index | 56.0 index | GS estimate for August ISM manufacturing index (consensus 55.2, last 55.6) |
| ISM Services Index | 54.1 index | GS estimate for August ISM services index |
Reports in this series
US Week Ahead is shown in chronological order through this edition, published on August 30, 2026.
Part of the US Week Ahead series — view all 8 editions
Looking for the latest edition? US Week Ahead September 7 September 13 (Sep 6, 2026)
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Authors / Editors
Reported Data Context
- Nonfarm Payroll Employment: 40 k (August 2026) · Source: Goldman Sachs Global Investment Research
- Unemployment Rate: 4.1 % (August 2026) · Source: Goldman Sachs Global Investment Research
- Average Hourly Earnings (MoM): 0.4 % (August 2026) · Source: Goldman Sachs Global Investment Research
- ISM Manufacturing Index: 56.0 index (August 2026) · Source: Goldman Sachs Global Investment Research
- ISM Services Index: 54.1 index (August 2026) · Source: Goldman Sachs Global Investment Research
Themes
Regions
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