The US Nonfarm Payrolls Report On Friday Is Expected

“The early evidence on July has also been fairly encouraging,” noted Andrew Hunter, economist at Capital Economics. “The downward trend in initial jobless claims shows little signs of abating, while the recent strength of temporary help employment, which is often a good leading indicator of overall employment, is also a positive sign.” 

Average hourly earnings are expected to rise 0.3 per cent in July, from the previous month’s rise of 0.2 per cent. However, on a year-on-year basis, it is expected to cool to 2.4 per cent, from 2.5 per cent previously. With the unemployment rate continuing to tick lower, economists and Fed officials expect that wages will start to pick up soon.

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