US NFP: Look for something slightly above consensus - ING

Research Team at ING, suggests that aside from the ongoing political and market fallout from Brexit in the UK, we will get the first US Labour Report since the surprisingly low non-farm payrolls (NFP) last month.

Key Quotes

“June’s NFP data will be inflated by 35k, given that the Verizon strike ended in May, although on balance we feel that the underlying trend may not be quite as bad as recent readings have suggested and look for something slightly above consensus. That said, FOMC members will want to see further readings before making any conclusions about the labour market and in any case, the fallout from Brexit makes a 2016 rate hike unlikely.”