And today is The Grand Finale: The June Jobs Report.
We’re more excited about this report than we’ve been for any in a while because there’s growing evidence that the economy is accelerating, and we might get that breakout report (with strong job growth and wage growth) that we’ve been waiting a long time for.
Officially, expectations look fairly normal.
The consensus on Wall Street is for 215K new jobs, and for the Unemployment Rate to stay steady at 6.3%, with wages plodding along at 0.2%.
But some economists are expecting big things. SocGen, for example, thinks we’ll get 290K. Barclays sees 250K. Millan Mulraine of TD Securities said that the Wednesday ADP report offers the possibility of 300K or more new jobs for the month.
Bottom line is, there’s evidence the economy is accelerating, and it seems there’s a shot of a big report that will reframe the way we think about the economy. Or maybe we’ll get another damp blanket that will leave us hanging, and hoping next month is the month.
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