Wall Street traders and politicians alike will be focusing on the Labor Department this morning as it releases closely followed jobs numbers that take on new importance following news that the U.S. economy actually shrunk over the first three months of 2015.
Here are three things to watch in the jobs numbers for May:
That followed a first estimate of anemic 0.2 percent growth. A weaker-than-expected May jobs number could spark recession fears. Many economists have already dialed back growth assumptions to 2.5 percent for the year at best.
“Wages are growing closer to 2.5 percent today compared to the 2 percent pace that had prevailed since the recession,” said Mark Zandi, chief economist for forecaster Moody’s Analytics. “If everything sticks roughly to script, wage growth should be over 3 percent by election day.”