Following a week of mixed data on hiring and layoffs, figures coming Friday from the Labor Department will be the arbiter of whether the job market remained stable in July.
Economists surveyed by Bloomberg expect the US economy added 80,000 positions, while the unemployment rate is expected to stay flat at 4.2%. That would be an improvement from June's jobs report, which showed payrolls grew by 57,000 jobs.
Private data released this week on the health of the labor market has been largely benign. Job openings slowed a touch in June, with little movement in quits, layoffs, and hiring rates. Private-sector hiring data from ADP, meanwhile, showed growth fell short of economists' predictions last month, but pay for job-switchers improved — a small bright spot. And the global outplacement firm Challenger, Gray & Christmas reported that layoff plans declined last month, while hiring plans increased.
An ******* ysis from the Bank of America Institute published Wednesday also noted that payroll growth appeared to accelerate in July, based on deposit account data. Job gains were led by lower-income households, while their annual after-tax wage growth surpassed that of higher-income households for the first time since December 2024.
"What's driving the pick-up in after-tax wage growth among lower-income households? Alongside strong job growth, we have also observed a rise in job-to-job movements disproportionately boosting lower-income pay growth," the ******* ysis said.
#Growth #data #hiring #lower
Economists surveyed by Bloomberg expect the US economy added 80,000 positions, while the unemployment rate is expected to stay flat at 4.2%. That would be an improvement from June's jobs report, which showed payrolls grew by 57,000 jobs.
Private data released this week on the health of the labor market has been largely benign. Job openings slowed a touch in June, with little movement in quits, layoffs, and hiring rates. Private-sector hiring data from ADP, meanwhile, showed growth fell short of economists' predictions last month, but pay for job-switchers improved — a small bright spot. And the global outplacement firm Challenger, Gray & Christmas reported that layoff plans declined last month, while hiring plans increased.
An ******* ysis from the Bank of America Institute published Wednesday also noted that payroll growth appeared to accelerate in July, based on deposit account data. Job gains were led by lower-income households, while their annual after-tax wage growth surpassed that of higher-income households for the first time since December 2024.
"What's driving the pick-up in after-tax wage growth among lower-income households? Alongside strong job growth, we have also observed a rise in job-to-job movements disproportionately boosting lower-income pay growth," the ******* ysis said.
#Growth #data #hiring #lower
3 months ago
