LoginEconomists predict that this week's jobs report will show especially strong growth. The Wall Street Journal reported that forecasts for the June report are higher than they have been since 2010. According to the news source, there is consensus agreement that 218,000 jobs were added to the economy in the past month, a figure that was last matched when an influx of temporary census workers boosted employment.
Worries about employment were high this week, as the economy performed worse than expected. The U.S. Bureau of Economic Analysis reported that gross domestic product dropped 2.9 percent in the first quarter of this year. Housing Wire said that the economy shrank 1.0 percent in May. Nonetheless, positive gains were seen over the month.
Despite the economy's crunch, job growth has been strong through 2014's first and second quarters, at times expanding beyond early estimates. According to Housing Wire, ADP predicted that 179,000 employees had joined the workforce ahead of May's employment report from the U.S. Bureau of Labor Statistics. The actual job growth figure ended up being 217,000, far surpassing the estimates of one of the major employment forecasting sources.