Today’s jobs report suggests the U.S. labor market may be showing some—albeit small—signs of softening, says economist Sean Snaith.
“June’s headline payroll numbers gave a whiff of weakening,” said Snaith, the director of the University of Central Florida’s Institute for Economic Forecasting. “But the labor market remains strong.”
Snaith also says today’s numbers are a near-certain indicator that the Federal Reserve will—and should—raise interest rates again at its July meeting. “By no means is the Fed’s work done here,” he said. “We’re in a protracted battle against inflation, and nothing in today’s report suggests otherwise.”
Sean Snaith, Ph.D., is the director of UCF’s Institute for Economic Forecasting and a nationally recognized economist in the field of economics, forecasting, analysis and market sizing. He has been recognized by Bloomberg News as one of the country’s most accurate economic forecasters and has served as a consultant for both local governments and multi-national corporations. Before joining UCF’s College of Business, Snaith held faculty positions at Pennsylvania State University, American University in Cairo, the University of North Dakota and the University of the Pacific. More of Snaith’s work is available at http://iec.ucf.edu or you can follow him @SeanSnaith.
