U.S. June Payrolls Seen Getting 75,000 Leisure Jobs as Wage Growth Holds at 0.3%
Updated
Updated · continuumeconomics.com · Jun 23
U.S. June Payrolls Seen Getting 75,000 Leisure Jobs as Wage Growth Holds at 0.3%
2 articles · Updated · continuumeconomics.com · Jun 23
Summary
75,000 leisure and hospitality jobs are expected to drive June U.S. payroll gains, extending a World Cup-related boost even as broader hiring stays subdued.
50,000 private jobs outside leisure and hospitality are forecast, matching May’s weak pace, while government payrolls are seen falling 10,000 after local government added 55,000 in May.
4.3% unemployment is expected for a fourth straight month, with analysts seeing the underlying rate easing to 4.27% before rounding as employment slightly outpaces labor-force growth.
0.3% average hourly earnings growth is forecast for June, keeping annual wage growth at 3.5%, while the workweek is seen slipping to 34.2 hours from 34.3.
May’s headline payroll gain looked less robust beneath the surface: excluding government, leisure and hospitality, and health care/social assistance, payrolls were unchanged.