What to expect from the June jobs report
What are economists' expectations for June's job gains?
Economists expect that June's job gains will be lower than the previous months, with a consensus estimate of a net gain of 225,000 jobs6. The unemployment rate is expected to dip to 3.6% from 3.7%. This gradual cooling in job growth indicates a normalizing labor market and economy.
How has the US labor market performed amidst economic challenges?
The US labor market has shown resilience amidst economic challenges, with steady job growth and low unemployment rates. In May, employers added 272,000 jobs, and the unemployment rate held steady at 4%. However, there are concerns about a potential economic slowdown, as consumer spending decreases and workers feel less secure. Despite this, the labor market remains strong, with the number of job openings still high.
What could Friday's employment report indicate about the job market?
Friday's employment report is expected to show a gradual cooling of the job market, with economists anticipating the US added 190,000 jobs last month, a pullback from the stronger-than-expected 272,000 gain in May, and for unemployment to hold steady at 4%. The labor market has held its own despite high inflation, an aggressive interest-rate-hiking campaign, pandemic aftershocks, and geopolitical uncertainty.