Based on weakening Hiring Demand and an increase in new Unemployment Insurance Claims, WANTED Technologies forecasts that Nonfarm Employment Payroll will drop by 440,000 in July. The BLS will release the July Employment Situation on Friday, August 7th.
Last month, the BLS reported a loss of 467,000 nonfarm jobs, citing "widespread" job losses in major industries.
Hiring Demand has decreased by 3% since last month on a seasonally adjusted basis. Last month Hiring Demand was up 2%, which drove an optimistic forecast. Although Hiring Demand has stabilized, it has not picked up enough to generate gains in employment.
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On an industry-level, WANTED forecasts a loss of 2,700 jobs in Transportation, a loss of 14,400 job in Finance and Insurance, but an increase of 28,600 jobs in Health Care. Each of these industry forecasts is featured on our blog.
Update: The consensus estimate from Thomson/Reuters predicts a decline of 300,000 jobs for July in the August 7th BLS Employment Situation report; TrimTabs Investment Research forecasts a loss of 488,000 jobs.
Further details on forecasts from WANTED and other providers are available on our BLS Forecast page.
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