Goldman Sachs is expecting:
- nonfarm payrolls +1,150k in July
- a 0.4pp drop in the unemployment rate to 5.5%
GS cite:
- Labor supply constraints eased further due to the wind-down of federal unemployment top-ups in some states and the addition of over 2 million youth job seekers in June and July
- strong household employment gain offset by a sizable rise in the participation rate
- We also note little impact on dining activity in response to the Delta variant
Nonfarm Payroll report due at 1230 GMT on Friday 6 August 2021