Labour market watch: softer US jobs confidence

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Posted on Tuesday, June 25, 2019 at 04:31PM by

Simon Ward |

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The June Conference Board consumer survey provides more evidence that economic weakness is spreading to the labour market. An indicator combining assessments of current and future job-finding difficulty rose to a 14-month high, suggesting an increase in the unemployment rate from the current 3.6% – see chart. The median projection of FOMC participants for the fourth quarter of 2019 was revised down from 3.7% to 3.6% at last week’s meeting – a likely overshoot supports expectations of rate cuts over the remainder of 2019.

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