{"id":28330,"date":"2023-06-27T18:21:07","date_gmt":"2023-06-27T22:21:07","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/what-to-look-for-in-the-june-2023-jobs-report\/"},"modified":"2023-06-27T18:21:08","modified_gmt":"2023-06-27T22:21:08","slug":"what-to-look-for-in-the-june-2023-jobs-report","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=28330","title":{"rendered":"What To Look For In The June 2023 Jobs Report"},"content":{"rendered":"<div>\n<p>The Employment Situation Report for June 2023 will be released on Friday, July 7. May\u2019s data showed the U.S. economy continued to add more than 300,000 jobs. This strong result was welcomed by markets, especially when combined with positive revisions to monthly job growth for the months of March and April. However, the unemployment rate did move up to 3.7%, testing the higher end of the range for this economic indicator that we\u2019ve seen since March 2022.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">The Sahm Rule<\/h2>\n<p>The increase in the unemployment rate may be statistical noise, but weekly unemployment data claims has been trending somewhat higher, too. This may matter because the Sahm rule for forecasting recessions signals that if the 3-month average of unemployment rises by 0.5% over its 12-month low, then we may be in a recession. This metric has a strong track record of forecasting recessions historically.<\/p>\n<p>Therefore, if the May rise in unemployment of 0.3%, is sustained, then there is a risk that the U.S. could be flirting with recession, despite apparently strong jobs growth. Still, it would likely take several months of negative jobs data to confirm that view. Recent spikes in monthly unemployment have all subsequently reversed.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">The Fed\u2019s Take<\/h2>\n<p>Notably, the U.S. Federal Reserve currently has confidence in the jobs market, and it remains focused on bringing down core inflation with higher rates rather than worrying about unemployment. In fact, the Fed might prefer to see some cooling in wage growth, which may ease inflationary pressures for services prices. That may be starting to occur as recent surveys show wage growth trending down from peak levels. The Fed will set rates on July 26 and a hike appears to be the more likely outcome. There is some expectation that higher rates may ultimately cause the job market to falter, but we haven\u2019t seen that yet. For example, construction, which may be among the sectors most sensitive to higher rates, added jobs in May.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">What To Look For<\/h2>\n<p>The jobs market has been stronger than expected for many months. The Fed\u2019s focus remains on bringing down inflation, rather than unemployment concerns. However, recent increases in unemployment claims, paired with an increase in the headline unemployment rate for May, might signal the jobs picture is weakening, though this may just be noise.<\/p>\n<p>The July 7 release of unemployment data for June will help confirm whether the U.S. jobs market remains robust, or if some potential cracks are starting to appear. Either way the Fed appears be contemplating hiking rates later in the month as inflation continues to be its focus rather than unemployment concerns.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/simonmoore\/2023\/06\/26\/what-to-look-for-in-the-june-2023-jobs-report\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Employment Situation Report for June 2023 will be released on Friday, July 7. May\u2019s data showed the U.S. economy continued to add more than 300,000 jobs. This strong result was welcomed by markets, especially when combined with positive revisions to monthly job growth for the months of March and April. However, the unemployment rate [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":27532,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-28330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What To Look For In The June 2023 Jobs Report | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The Employment Situation Report for June 2023 will be released on Friday, July 7. 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