Steady U.S. job gains to keep Fed's focus on tapering
I think the NFP report will give traders a negative surprise. I would at least be prepared for a rough ride lower over the next few trading weeks.
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U.S. job growth probably slowed in June, but not enough to shift the Federal Reserve away from expectations that it will start scaling back its massive monetary stimulus later this year.
Employers are expected to have added 165,000 new jobs to their payrolls last month, according to a Reuters survey of economists, slightly below the 175,000 positions created in May.
The unemployment rate is expected to fall a tenth of a percentage point to 7.5 percent.
The Labor Department will release its closely watched employment report on Friday at 8:30 a.m. EDT, two weeks after Fed Chairman Ben Bernanke offered an upbeat assessment of the economy's outlook and said the U.S. central bank expected to start trimming its bond purchases later this year.
"If we get this number, the Fed would still feel that the outlook is on track for them to make an announcement later this year on the tapering," said Sam Bullard, a senior economist at Wells Fargo in Charlotte, North Carolina.
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