Next Friday, the US official employment report is due. Analysts at Wells Fargo, see non-farm payrolls rising by 195K, below last month reading of 213K.
Key Quotes:
“Payrolls increased 213,000 in June, just above the three-month average of 211,000. The diffusion index rose to 65.5 for private industries, indicating broad-based growth across sectors of the economy. Strong employment gains along with growth in aggregate hours worked (2.1 change, year over year, in June) is consistent with continued growth in personal income and consumption.”
“Looking ahead, whether the current rate of employment gains can be sustained longterm depends on how many more workers on the sidelines can be convinced to join the labor force. Employers are facing increasing difficulty in filling open positions, which could put limits on the volume of hiring.”
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