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Jobs report preview: U.S. payroll growth expected to have cooled amid Fed tightening

Alexandra Semenova · Reporter
Thu, July 7, 2022, 5:16 PM

The U.S. labor market is expected to have softened in June while job growth remained strong, even as the Federal Reserve tightened monetary conditions and some companies warned of layoffs.

The Labor Department is set to release its latest monthly jobs report at 8:30 a.m. ET on Friday.

Here are Wall Street's expectations for the report, according to Bloomberg data:

• Non-farm payrolls: +268,000 expected, +390,000 in May

• Unemployment rate: 3.6% expected, 3.6% in May

• Average hourly earnings, month-over-month: +0.3% expected, +0.3% in May

• Average hourly earnings, year-over-year: +5.0% expected, +5.2% in May

If the government’s figures are in line with forecasts, June’s report would show the smallest payroll gain of the pandemic recovery.

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