by Bill McBride on 7/01/2015 08:14:00 PM
Wednesday, July 01, 2015
Here is the employment preview I posted earlier: Preview: Employment Report for June
Goldman Sachs is forecasting:
We forecast nonfarm payroll growth of 220k in June, a bit below consensus expectations. Labor market indicators were mixed in June, suggesting a print roughly in line with the 217k monthly average seen so far in 2015. We expect the unemployment rate to decline by one-tenth to 5.4%. Finally, average hourly earnings are likely to rise a softer 0.1% in June as a result of calendar effects.Merrill Lynch is forecasting:
We look for job growth of 220,000, a slowdown from the 280,000 pace in May but consistent with the recent trend. As a result, the unemployment rate will likely lower to 5.4% from 5.5%. With the continued tightening in the labor market, we think average hourly earnings (AHE) will increase a “strong” 0.2%, allowing the yoy rate to hold at 2.3%.Nomura is forecasting:
[W]e forecast a 230k increase in private payrolls, with a 5k increase in government jobs, implying that total nonfarm payrolls will gain 235k. ... We forecast that average hourly earnings for private employees rose by 0.17% m-o-m in June, a slower pace than trend due to a calendar quirk. Last, we expect the household survey to show that the unemployment rate ticked down to 5.4% from 5.5%, previously.Thursday:
• At 8:30 AM ET, the Employment Report for June. The consensus is for an increase of 228,000 non-farm payroll jobs added in June, down from the 280,000 non-farm payroll jobs added in May. The consensus is for the unemployment rate to decrease to 5.4%.
• At 8:30 AM, initial weekly unemployment claims report will be released. The consensus is for claims to decrease to 270 thousand from 271 thousand.
• At 10:00 AM, Manufacturers' Shipments, Inventories and Orders (Factory Orders) for May. The consensus is a 0.3% decrease in orders.
Posted by Bill McBride on 7/01/2015 08:14:00 PM