June jobs report: US labor market set to show 'cooling but not cool' trend continues

[mahatmakanejeeves]

The article was updated at 6:09 a.m. on Friday morning.

Yahoo! Finance
June jobs report: US labor market set to show 'cooling but not cool' trend continues

Josh Schafer
Updated Thu, July 4, 2024 at 7:23 AM EDT
4 min read

The June jobs report is expected to serve as the latest piece of economic data reiterating that the US labor market is slowing down.

The monthly report from the Bureau of Labor Statistics, slated for release at 8:30 a.m. ET on Friday, is expected to show nonfarm payrolls rose by 190,000 in May while the unemployment rate remained steady at 4%, according to consensus estimates compiled by Bloomberg.

In May, the US economy added 272,000 jobs while the unemployment rate unexpectedly rose to 4%. Here are the key numbers Wall Street will be looking at compared to the previous month, according to data from Bloomberg:

• Nonfarm payrolls: +190,000 vs. +272,000 previously

• Unemployment rate: 4% vs. 3.9% previously

• Average hourly earnings, month over month: +0.3% vs. +0.4% previously

• Average hourly earnings, year over year: +3.9% vs. +4.1% previously

• Average weekly hours worked: 34.3 vs. 34.3 previously

{snip}

[progree]

1. "Unemployment rate: 4% vs. 3.9% previously". No, previously, i.e. May, was 4%

Here are the key numbers Wall Street will be looking at compared to the previous month, according to data from Bloomberg:

• Nonfarm payrolls: +190,000 vs. +272,000 previously

• Unemployment rate: 4% vs. 3.9% previously

etc.

I guess they're saying it will remain at 4%