Expectations
After two below-forecast readings, economists remain optimistic that we will see an improvement from last month’s 559K print on the headline front. They expect the latest employment report to show 725K net new jobs were created in June, with the unemployment rate falling to 5.6% from 5.8% previously. In terms of average hourly earnings, well this is expected to have climbed 0.3% month-on-month, which, if correct, would be a touch weaker than last month’s impressive 0.5% rise.
Wages take centre stage
While the headline jobs data will be important, as always, I think the market will be paying equal — if not more — attention to the wages aspect of the report. With inflation rising sharply of late, we have already seen above-forecast readings for wage growth in each of the…
