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Jul 02 - 09:55 AM

USD: June NFP: Increases Fed's Confidence To Announce Tapering At September Meeting - CIBC

By eFXdata  —  Jul 02 - 09:11 AM

CIBC Research discusses its reaction to today's US jobs report for the month of 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," CIBC notes. 

"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," CIBC adds. 

Source:
CIBC Research/Market Commentary

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