The slow-growing U.S. economy is expected to have created just about 100,000 jobs in June, better than the prior month but still too weak a trend to make a dent in unemployment.
Fearful about the economy, Europe, the "fiscal cliff," and higher energy costs, employers across a wide variety of industries were expected to have seen little reason to invest in new employees last month.
When reported a month ago, May’s 69,000 nonfarm payrolls shocked financial markets, which were looking for 150,000 new jobs. Economists’ forecasts for June have been tepid, and are running lower than trader whisper numbers of 110,000 to 125,000.
May’s dismal jobs report prompted immediate speculation of further easing by the Federal Reserve , and even though the Fed extended one program at its June meeting, the market is still looking for signs that it could do a third, larger scale “ quantitative easing ,” or QE3 asset purchase program.
The Thomson Reuters survey shows a consensus of 90,000 nonfarm payrolls, though some raised their estimates in the past few days. The consensus from the Dow Jonessurvey of economists was bumped up to 100,000 from 95,000 for payrolls; the unemployment rate is expected to remainunchanged at 8.2 percent.
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