Nonfarm payrolls are expected to post a gain of just 83,000, with the unemployment rate unchanged at 4.2%. The labor force participation rate tumbled to 61.5%, its lowest since the March 2021 period when the economy was still recovering from the Covid shock. 'Low-hire, low-fire'"Although the hiring rate is low, the unemployment rate remains steady because layoffs are also low," Fed Governor Lisa Cook said Wednesday. Fed officials generally focus more on the unemployment rate than the gyrations in monthly payroll numbers. "We expect much of this participation decline to reverse in coming months, creating upward pressure on the unemployment rate as these workers re-enter the labor force faster than they find jobs."