Upcoming data for the US labor market is expected to show more moderate growth, a lower unemployment rate, and fewer job vacancies.
Economists expect non-farm payrolls to increase by 225,000 in June this year. Although it is still considered strong overall, it will be one of the lowest developments since the end of 2020.
The data is expected to show the unemployment rate fell to 3.6%, while average hourly earnings grew by 4.2% from June 2022, the smallest annual progress in two years.
A slew of other employment-related indicators will come in the run-up to the report, including the latest numbers on job cuts announcements, private payrolls, weekly unemployment data, and job openings for May.
A strong labor market was a major source of support for the economy as the Federal Reserve continued to tighten monetary policy to put a lid on inflation.
