July Non-Farm Employment Forecast

According to ADP, private U.S. companies added 178K new jobs in July, below expectations of 185K. Estimates ranged from 151K to 225K.

The U.S. Labor Department’s non-farm payroll report is due tomorrow with expectations of 180K new additions to the labor force.

Experts state that the economy needs to sustain 128K new job additions per month to accommodate new eligible employees entering the job market. With employers averaging 180K jobs per month in 2017, combined with record low unemployment rates, many expect wage growth to accelerate in tandem. However, low inflation rates and a lackluster economic growth makes higher wages unjustifiable for many employers.

The unemployment rate is expected to decrease by one tenth of a percent, matching May’s 16 year low of 4.3%, suggesting that the U.S. economy is close to full employment.

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