Bank of America economists: July non-farm payrolls will show a gradual cooling of the labor market

Odaily News Sarah House, senior economist at Wells Fargo, noted that the momentum in the U.S. labor market slowed in the second quarter, alleviating concerns that job growth could add upward pressure on inflation. The key question for the July and rest of 2024 jobs reports is whether the slowdown in job growth indicates a normalization of the labor market or the beginning of a more severe economic slowdown. Bank of America economist Michael Gapen said in a research note that the report is likely to show a gradual cooling of the labor market. (Jinshi)