Morning Market Tidbits

The report analyzes the May payroll data, noting that while headline numbers were inflated by temporary World Cup and seasonal factors, underlying labor demand remains solid. GDP tracking for Q2 has been revised to 2.7%.

Key Takeaways

• 1.May payroll growth was inflated by World Cup and seasonal noise, but the underlying labor market remains solid.
• 2.Adjusted nonfarm payroll growth is estimated at 60-90k, comfortably above breakeven levels.

Table of Contents

• Key takeaways
• World Cup/seasonal effects likely boosted May hiring...
• ...but underlying job growth still looks solid
• US GDP Tracking
• Today's economic calendar

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