World Cup may lift June U.S. payrolls, Goldman says

Goldman Sachs expects the World Cup to give a modest lift to U.S. hiring in June, potentially adding about 40,000 jobs to the payroll total. The bank said the effect is likely to show up most in leisure and hospitality, as well as professional and business services and trade and transportation. The forecast comes ahead of Thursday’s U.S. jobs report, which economists surveyed by Dow Jones expect to show nonfarm payrolls rising by 115,000 after a gain of 172,000 in May. Goldman, using Homebase payroll data, said the 11 World Cup host cities appear to have held up better than other cities and that hospitality hiring increased in June. Even with the World Cuprelated boost, Goldman still expects June payroll growth to be slower than in the prior month. The firm also noted that initial June payroll estimates have often been revised lower in recent years, leaving room for the final reading to differ from the first report.