Heading into tomorrow’s Non Farm Payrolls (NFP) report for June, economists are expecting an increase in payrolls of 180K, which would be a big increase from last month’s extremely disappointing level of 38K. In the private sector, economists are expecting an increase of 170K, which would be a similar improvement to what economists are forecasting for the overall NFP reading. The unemployment rate is forecasted to increase back up to 4.8% from 4.7% last month. Growth in average hourly earnings is expected to remain unchanged at 0.2%, while hours worked is forecast to remain unchanged at 34.4. May’s employment report was a big disappointment for the market and economists, but economists are generally considering it to be a one month blip.
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