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02.07.2021, 14:41

U.S. June NFP report increases Fed's confidence to announce tapering at September meeting - CIBC

eFXdata reports that analysts at CIBC Research offer their thoughts on today's U.S. jobs report for June.

"Hiring accelerated in the US in June as recruitment efforts by employers paid off, resulting in 850K jobs being added. That was above the consensus expectation of 720K, with hiring in the leisure and hospitality sector, which continued to reopen, seeing the single largest gain in jobs amongst industries."

"While generous unemployment benefit top-ups in larger states are likely still preventing more workers from re-entering the labor force, as the participation rate remained steady in June, higher wages should bolster participation ahead, and we expect a continued acceleration in hiring over the rest of the summer to give the Fed enough confidence to announce an early 2022 tapering at the September meeting."

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