Wall Street has been forecasting a big slowdown in hiring, but the economy keeps producing heaps of jobs. Here's what to watch in the June employment report.
Wall Street has been forecasting a sharp slowdown in hiring for more than a year, but the U.S. economy keeps producing heaps of new jobs and defying gravity.The forecast The U.S. is expected to add 240,000 new jobs in June, down from 339,000 in the... Wall Street has been forecasting a sharp slowdown in hiring for more than a year, but the U.S. economy keeps producing heaps of new jobs and defying gravity.The forecast The U.S.
Neither has happened. The economy has created an average of 314,000 jobs a month in 2023 — one of the biggest increases in decades outside of the pandemic-influenced years of 2020 to 2022. The Fed previously predicted unemployment would climb to 4.5% by the end of 2023 on the assumption the economy and labor market would both cool off.Wage growth Average hourly wages are forecast to rise a modest 0.3% in June.
Hints of weakness The government’s economic reports have not been as reliable since the pandemic. At times they made the economy look stronger or weaker than it really was.Could it be happening again? Maybe.
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