Wall Street is currently expecting a total of 11 million job openings as of the end of May and 268,000 new nonfarm jobs in June.
Thru the Cycle president John Lonski predicts that the total number job openings will fall to 10.8 million in May and that the U.S. economy will add 240,000 jobs in June.
"Anecdotal evidence strongly suggests that we will have significantly fewer job openings compared to the prior month in June and likewise will see smaller additions to payrolls," he told FOX Business. "It could very well be that payrolls growth has peaked for the current cycle." "That’s slower than the trend so far this year and would be the weakest job growth in 14 months," he says. "However, it should also be consistent with continued economic growth, not a recession. We think a recession is headed for the US economy but is unlikely to hit this year." Accord to Lonski, jobs growth during previous recessions has been roughly equivalent to an average increase of 100,000 jobs or fewer per month, a level he refers to as "the danger zone.
Officials also laid out an aggressive path of rate increases for the remainder of the year. Economic projections released after the Fed's two-day meeting showed policymakers expect interest rates to hit 3.4% by the end of 2022, which would be the highest level since 2008.
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