Joseph LaVorgna is expecting some good news.
The chief U.S. economist at Deutsche Bank, LaVorgna is expecting June nonfarm payrolls to come in at 225,000 when the Bureau of Labor Statistics reports the key economic data point on Thursday morning. And as for GDP, he expects the second quarter to follow up the 2.9 percent Q1 decline with growth of 4.2 percent.
When it comes to payrolls growth, his 225,000 is not far above the consensus of 210,000 gathered by Reuters, or the 217,000 jobs created in May. But even a consensus reading would mean the fifth straight month of plus-200,000 job gains.
"If we registered 225,000 or even a consensus-type number on Thursday, that's going to keep that three-month moving average right around 235,000," LaVorgna pointed out on Tuesday's "Futures Now."
And he expects that the jobs growth will continue to be registered "in a lot of different areas—in manufacturing, construction, retail trade, professional business services, leisure, hospitality—it's broad based. That's what we've been seeing the last few months, with most industries adding to employment."
All in all, "this is an economy that's doing reasonably well, GDP considerations aside," he said.