June nonfarm growth easily surpassed analysts’ expectations, increasing by 222K jobs on the month.
For more on this, see highlights of my report below, followed by a link to the full U.S. Outlook, delivered on July 7.
- As long as the U.S. economy can continue to put up job numbers like this, the FOMC will remain on its rate-hike and balance-sheet-reduction schedules this year.
- Our forecast on Fed monetary policy going forward is unchanged, given this new labor market information.
- If there was any disappointment, it was in average hourly earnings.
- Without stronger wage growth, it is unlikely we will see sustained acceleration in consumer price inflation anytime soon.
The U.S. employment report for March was another piece of positive economic news.Read More ›
This week the September release of the Consumer Price Index held some interesting information about the future path of inflation.Read More ›
There is nothing in the July jobs report that should dissuade the FOMC from an initial rate increase in September.Read More ›
Job growth roared back to life in May.Read More ›