Friday jobs report could give clues for economy’s health, job market status :: WRAL.com

On Friday morning, the nation will get an update on jobs that could show us where the economy is headed.

The report is coming on the heels of economic concerns and record-high inflation.

Despite that, an economist who spoke with WRAL said we still may not see a drastic change in the latest report compared to May because the unemployment numbers are lagging. However, Friday’s data can inch closer toward showing a clear indication of where the job market is headed.

The latest Job Openings and Labor Turnover Survey, released on Wednesday, showed there were 11.3 million job openings in May and historically low levels of layoffs.

While that’s good news for job seekers, there are also signs that employers are starting to cut back. Employers are forecasted to have added the fewest jobs in over a year in June, but economists say that slowdown isn’t concerning yet.

The jobs report from the Labor Department is expected to show the unemployment rate remaining at a historically low level and another month of solid wage growth.

Forbes Dixon, an Economist at Wake Tech, said if inflation does not start to slow down, we could see more unemployment in the months to come.

“As producers start to adjust their own forecast and their own output, that just means you need less people working whatever it is. So that would be more people wanting a job and not being able to find one at a time,” said Dixon. . “

The big question right now is whether the softening of the job market is more of an industry-specific issue or on a broader scale. That’s what economists will be really keeping an eye on today as well.

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