US Data: Highlights of Market Survey of Economic Forecasts

Repeats Story Initially Transmitted at 21:06 GMT Jul 1/17:06 EST Jul 1

     WASHINGTON (MNI)  - The following are highlights of forecasts for upcoming

U.S. economic indicators provided by Bloomberg. 

Initial Jobless Claims (millions)

 Thursday, July 2 at 8:30am (ET)                     

     Claims filed through June 27 should fall to 1.350 million after reaching

1.48 million in the week ending June 20. The pace of initial claims has slowed

in recent weeks, but by less than expected, and new clusters of Covid-19

infections have appeared as states continue to reopen, which could lengthen a

labor market recovery.

Trade in Goods and Services (deficit, billions) 

 Thursday, July 2 at 8:30am (ET)                            

     The trade deficit is expected to increase to -USD53.1 billion in May from

-USD49.4 billion in April. The advance report showed the goods gap widening to

USD74.3 billion as imports declined by less than expected. Imports of industrial

supplies and consumer goods rose in May, an indication of the recovery. 

Nonfarm Payrolls for March (change in thousands and millions) 

 Thursday, July 2 at 8:30am (ET)                                

                                                            Actual 

                 Median                             Jun20    May20    Apr20     

Payrolls         3.074m                                --   2.509m -20.687m

Private Jobs     3.000m                                --   3.094m -19.724m

Jobless Rate      12.5%                                --    13.3%    14.7% 

Avg Hrly Earnings -0.8%                                --    -1.0%    +4.7%    

Avg Wkly Hrs       34.5                                --     34.7     34.2    

     The U.S. labor market should continue to show signs of improvement through

June, with markets expecting nonfarm payrolls to increase by 3.1 million,

slightly stronger than May's 2.5 million gain as employers continue to reverse

the record-setting -20.5 million decline in April.

     Claims data have suggested that layoffs are slowing. The Census Bureau's

weekly Small Business Pulse Survey showed 10.2% of businesses increased workers

through the June survey week compared to 7.9% in May, though 11.2% of businesses

shrank their workforce.

Factory Orders (percent change) 

 Thursday, July 2 at 10:00am (ET)   

     New factory orders are expected to rise +8.6% in May, reversing some of

April's -13.0% drop.

--MNI Washington Bureau; +1 202-371-2121; email: jean.yung@marketnews.com

[TOPICS: MTABLE]