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Economists have expected an increase of 160,000 jobs in the US in June, after a meager rise of 75,000 in May (before revisions). However, leading indicators published ahead of the event have been pointing to a downside surprise. The ADP private sector employment report has shown an increase of 102,000 and the ISM Non-Manufacturing PMI has come out at only 55.1 points – both lowering expectations. An increase of 120,000 was touted by some analysts. Wages carried expectations of an increase of 0.3% on a monthly basis and 3.2% on a yearly one.
June’s NFP is published one day after the US Independence Day holiday and trading volume may be thinner than usual. The US dollar has gained ground ahead of the release.
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