US jobs report expected to show a slowdown in the labor market
CNN
The Bureau of Labor Statistics is set to release the monthly jobs report on Friday at 8:30 am ET. Expectations are for 190,000 jobs to have been added in June, with the unemployment rate holding at 4%.
Wall Street was quiet Friday ahead of the monthly jobs report. S&P and Nasdaq futures were little changed and Dow futures were a couple of points lower. It’s been a shortened week for traders, with markets closing early Wednesday and closed all day Thursday in observance of the July 4th holiday. Investors are looking for another Goldilocks jobs report Friday that shows a gentle cooling-off of the labor market. Wednesday’s ADP data, which showed that private payrolls fell to 150,000, created little reaction among traders — but the government’s monthly tally will likely trigger more of a response. In May, the US unemployment rate increased to 4%, a rate that hadn’t been seen since January 2022. Still, job growth remained strong in May, coming in at an estimated net gain of 272,000. Economists largely expect that job gains cooled off in June. As of Tuesday, FactSet consensus estimates are for a 190,000 net gain.
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