US job gains are set to pick up in June, as the world’s largest economy continues to heal from the Covid-19 shock and hiring catches up with the unrelenting demand for workers.
According to a consensus forecast compiled by Bloomberg, employers across the country are expected to have added 720,000 positions in June, exceeding the 559,000 gains posted in May, which fell short of expectations. The unemployment rate is predicted to edge lower as well, to 5.6 per cent from 5.8 per cent the previous month.
The data, which will be released by the Bureau of Labor Statistics at 8.30am US eastern daylight time on Friday, comes at a critical juncture for the American economy.
Easing lockdown measures and generous government stimulus programmes have fuelled a robust rebound in economic growth this year. US consumer prices have in turn surged as supply chain constraints have hampered some businesses’ ability to meet red-hot consumer…