U.S. ECONOMY AT A TIPPING POINT
In May, job prospects were nothing short of dismal as the Labor Department released a report that showed gains of just 38,000 jobs. Now, the world holds its breath as we wait for the June jobs report, which economists predict will show a gain of 177,000 jobs, which would be a huge rebound from May. Should hiring continue to decrease, it would be a real red flag for businesses and consumers who would both continue to scale back on hiring and spending, respectively. CNNMoney believes that the May drop was just a fluke due to Verizon’s conflict with its workers. HSBC economist Ryan Wang believes that as long as job gains rise above 100,000 a month.