With just hours to go until the July Non-Farm Payrolls report, we wanted to make readers aware of market expectations heading into the 8:30 print. As shown to the right, economists are expecting an increase in payrolls of 225K, which would be an ever so slight improvement from last month’s reading of 223K. In the private sector, economists are expecting an increase of 212K, which would be a decline of 11K from the initial reading in June. Economists are also forecasting the unemployment rate to be unchanged at 5.3%. Finally, growth in average hourly earnings is expected to increase to 0.2% from last month’s disappointing 0.0% growth rate, while hours worked is forecast to remain unchanged at 34.5.
Earlier this afternoon we sent out our monthly preview to the July Non-Farm Payrolls report to Bespoke Premium and Bespoke Institutional clients. This report contains tons of useful information that you need in order to be fully informed heading into the report. Among the topics covered, we looked to see what 20 different secondary indicators were saying about employment in the month of July, how the overall market and individual sectors have historically performed based on whether the report was better or weaker than expected, the best and worst performing individual stocks in the S&P 500 from the open to close on the day of the report, as well as how the July report typically comes in relative to expectations and how that compares to other months of the year.
If you are a Bespoke Premium client and haven’t seen the report, follow this link and check it out now. If you are not yet a subscriber and would like instant access, sign up for our free five-day trial. If you sign up using the offer below, you will save 10% for the life of your subscription.