Due to the impending long Independence Day weekend in the U.S., monthly non-farm payrolls figures as well as weekly jobless claims will be released Thursday. Economists polled by Reuters expect the economy to shed 363,000 jobs in June after losing 345,000 in May. Ahead of the data, experts give CNBC their predictions.
June Nonfarm Payrolls May Fall Up to 600k
The U.S. June nonfarm payrolls may disappoint with larger-than-expected losses of 550,000 to 600,000 jobs, predicts Jeffrey Halley, senior manager for FX trading at Saxo Capital Markets.
Dollar Seen Weakening Ahead of Jobs Data
Expect the dollar to tick down during the course of the day on worries about the U.S. June nonfarm payrolls, says Stephen Halmarick, head of investment market research at Colonial First State.
Jobs, Earnings Next Big Economic Indicators
Jobs will be a key indicator for the month of July, but the large number of companies announcing their earnings during the third week of the month will also be significant, said Dave Rovelli, managing director of US Equity Trading at Canaccord Adams.
No Rebound Yet
There will be several more months of declines before employment turns around, said Joel Prakken, chairman of Macroeconomic Advisers. "We're moving in the right direction, but given the current weakness in the economy, we haven't seen employment bottom out yet," he told CNBC.
Weak Dollar Bias Ahead of Jobs Data
Expect a slightly weak dollar bias heading into Thursday's report, Callum Henderson, head of FX strategy at Standard Chartered said.
US Jobless Rate Likely to Head Above 10%
The U.S. non-farm payrolls may come in better than expected but the jobless rate is likely to head above 10%, says Tony Morriss, senior market strategist at ANZ Bank.
US Jobs Data Likely to be a Non-Event
The upcoming U.S. non-farm payrolls report is likely going to be a non-event, believes Ben Lichtenstein, president at TradersAudio.com.
US Unemployment Rise Pauses
The US unemployment rate seems to be in a lull, according to Jason Votruba from Scout Investment Advisors. “Once the economy starts to pick up, hiring will start to improve as well,” he told CNBC. “Certainly, if unemployment climbs above 10%, that’ll be a political lightning rod.”
Positive US Jobs Data Would Aid Recovery
The third quarter in the US will be much stronger if it can get over its "jobs hump," Bob Iaccino from Lotusbrokerage.com told CNBC Wednesday. "(Unemployment) is the last part of the three-headed monster that we need to kill to sort of fix this whole problem," he said.
