For the jobs data impact on other June reports
For the jobs data impact on other June reports, analysts expect a 0.3% personal income gain after the big 0.5% gains in both April and May. Analysts expect a 0.4% average income gain in Q2, after a lean 0.1% average in Q1 but a big 0.5% average in Q4. Firm tax receipts and lean refunds have depressed the 2019 growth path for disposable income, as households modestly under-withheld in 2018. Analysts expect Q2 growth rates of 4.5% for total income and 3.8% for disposable income, alongside a 9.4% growth rate for personal current taxes. Industrial production is poised for a -0.1% June drop that trims the 0.4% May bounce, with hours-worked gains of 0.3% for both factories and mining. Analysts expect a big -3.0% June utility output drop thanks to cool weather, following a 2.1% May utility bounce. Analysts assume a 2% vehicle assembly rate drop to an 11.1 M pace. Analysts expect industrial production growth rates of -1.1% in Q2 and 2.9% in Q3, following rates of -2.2% in Q1, 3.9% in Q4 and 5.2% in Q3. For construction, analysts saw June gains of 0.8% for hours-worked and 21k for construction jobs. Analysts expect a 0.5% June construction spending rise after the -0.8% May figure, with rebounds in the residential and nonresidential construction components, but a further drop-back for public construction from elevated levels.