Goldman July Payrolls Preview

A few brief excerpts from a note by Goldman Sachs economist Spencer Hill:

We estimate nonfarm payroll growth slowed to +1.0mn in July after +4.8mn in June (consensus is +1.5mn). … we believe education seasonality could boost July payroll growth by as much as 500-750k

We estimate the unemployment rate declined by 0.4pp to 10.7%
emphasis added