Event of the Week – Non-Farm Payrolls (USD, GMT 12:30) – A 180k July nonfarm payroll increase is anticipated, after gains of 209k in June, 306k in May, and 217k in April. Initial claims tightened in July after a rise in June. We expect the jobless rate to hold steady at 3.6% from June, versus a 54-year low for the two-digit rate of 3.43% in January. Hours-worked are assumed to rise 0.1% after a 0.4% June gain, while the workweek holds steady at 34.4. Average hourly earnings are assumed to rise 0.4%, after a 0.4% gain in June. The ensuing strength in wage gains has allowed continued robust y/y increases, though the return of low-paid workers to the workforce is likely restraining wage increases.
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
