HomeFinancial MarketsIncoming U.S. Labor Market Readings Expected to Show Job Growth

Incoming U.S. Labor Market Readings Expected to Show Job Growth

Upcoming labor market readings are expected to show moderate yet healthy job growth in the U.S. A historically low unemployment rate is also expected.

Economists polled by Bloomberg forecast a rise in nonfarm payrolls of 225,000 in June. While one of the smallest increases since the end of 2020, this remains a positive development as the U.S. job market continues to grow following its pandemic-induced slump.

The report, due to be released on Friday, is expected to show that unemployment decreased to 3.6%, while average hourly earnings grew 4.2% from July 2022.

Despite positive projections, Bloomberg Economics remains skeptical of market optimism.

“Wall Street analysts and economists are increasingly optimistic that the US economy is heading for a soft-landing scenario”, Bloomberg Economics stated. “We disagree. A key source of past resilience in the economy – households’ financial buffer – is fast disappearing. As a result, consumer delinquencies and small business bankruptcies are rising fast.”

Other figures that are expected include weekly unemployment claims, job cuts, private payrolls, and May job openings.

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