When it comes to economic data, the big news this holiday-shortened week will be the June jobs report that will be released Friday morning.
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Economists surveyed by Thomson Reuters forecast that the U.S. economy added 195,000 jobs in June while the unemployment rate is expected to hold steady at 3.8%, the lowest since April 2000.
The forecast for 195,000 is below the 223,000 jobs added in May, but above the three month average of 179,000 jobs added per month.
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The number that could get the most attention is wages. Average annual earnings are expected to rise by 0.3% in June, which would translate to an annual growth rate of 2.8%. Of note, when annual wage growth rose to 2.9% in January, it sparked fears of inflation and higher interest rates, which sent the Dow Jones Industrial Average and the S&P 500 into correction territory.
The June jobs report comes during a holiday-shortened week, with U.S. equity trading closing early on Tuesday and remaining closed Wednesday in observance of Independence Day. As a result, with some traders opting to take the week off, volumes could be light. Thinner trading volumes are correlated with market volatility.