June’s jobs report is expected to show strong hiring across a range of industries, and that the labor market may so far be untouched by recession fears.
"If our [payroll] forecasts are correct they are probably going to lean towards 75," said Bhave."If you get a really bad number, they would lean toward 50."For sure, employment is a lagging indicator, but economists are also looking to the labor market as an area of strength that should slow down to a more normal pace as the Federal Reserve continues to raise interest rates.
"I've never seen a recession with record low unemployment...Does the definition of a recession have to change or does crazy inflation equal a recession?" he said."I don't know if that's the case, but I don't see the job market slowing down any time soon." Cummins expects 300,000 payrolls were added in June, a number that would keep the Fed on track to hike a hefty three-quarters point.
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