Next Friday the official employment report for June will be published in the United States. The market consensus is for an increase of 200,000 payrolls. Wells Fargo analysts forecast an increase of 245,000.
Notable Statements:
“The May jobs report reported a sharp rise in non-farm payrolls, up 339,000 jobs. However, the household survey reinforced the view that the labor market continues to ease gradually, with employment contracting household of 310,000 people and an unemployment rate of 3.7%”.
“We expect growth in nonfarm payrolls to moderate in June. Demand for workers continues to decline, with initial jobless claims rising between survey weeks and a four-week average up nearly 20% in the last year. Meanwhile, job offers in June continued to fall.”
“The cooling off in the job market remains gradual and not abrupt. Therefore, we expect what we would consider a still robust increase of 245,000 new jobs in June, but we will keep a close eye on May revisions given the 22-year low in survey response rate.
“We expect the unemployment rate to drop back to 3.6% in anticipation of a recovery in household employment.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
