Glenmede strategists Jason Pride and Michael Reynolds expect US June
unemployment to remain at 4.3% and nonfarm payrolls to rise about 87k, down from
May’s 172k. They say that, despite the slowdown, the labor market remains
resilient amid low hiring and low layoffs. The pair note the Fed’s focus has
shifted toward inflation, so the timing of any policy easing will depend more on
inflationary pressure than on employment growth.
