Upcoming jobs report will be ‘big market mover’: Investment expert – By Talia Kaplan (FOX Business) / July 5, 2022
Economists expect US economy added 270K new jobs in June
U.S. Bank Wealth Management CIO Eric Freedman argued on Tuesday that the jobs report, which will be released on Friday, will be a “big market mover.”
Freedman explained on “Mornings with Maria” that, as “we get into the deeper part of the summer,” inflation and dwindling savings will continue to weigh on consumers and could prompt more Americans to consider returning to the workforce.
Last month, the Labor Department revealed that employers added 390,000 non-farm jobs in May, beating the 328,000 jobs forecast by Refinitiv economists.
The department noted that gains were broad-based, with the biggest increases in the pandemic-battered leisure and hospitality industry (84,000), professional and business services (75,000) and transportation and warehousing (47,000). Nearly every industry gained positions, according to the report released last month. Retail was the exception, shedding nearly 61,000 jobs.
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