US: Solid momentum in employment reports not expected to continue later on this year – RBC

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The US official employment report showed better-than-expected numbers with payrolls rising by 253,000 above the 179,000 expected. Analysts at RBC Economics Research point out that the solid momentum in employment data is not expected to continue later on this year, given signs of moderating hiring demand.

“Despite ultra-low unemployment rates, signs of weakening labour demand continue to emerge elsewhere – job openings have been trending lower since last spring. And slower quit rates are flagging less confidence in hiring conditions among workers.”

“Solid momentum in U.S. employment reports not expected to continue later on this year, given signs of moderating hiring demand. Slower wage growth should also make currently tight labour market conditions less of a concern for the Federal Reserve. We continue to expect the rate hike this week was the last one in the current cycle, with tightening U.S. credit conditions adding to downside growth concerns.”

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