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Payrolls report Friday likely to show a jobs market that is still hot

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The consensus estimate is that payrolls rose by another 240,000 in June and the unemployment rate is projected to nudge lower to 3.6%.

Payrolls have been growing by hundreds of thousands of jobs a month, totaling nearly 1.6 million in the first five months of 2023 alone.

A man walks past a "now hiring" sign posted outside of a restaurant in Arlington, Virginia on June 3, 2022.The U.S. jobs market is still on fire, no matter how much effort policymakers put into cooling it off. Those waiting for the jobs picture to deteriorate, then, are going to have to continue to be patient.

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