BANK OF AMERICA: Here's the jobs report numbers that would 'spook' the market

• The June jobs report is due out at 8:30 a.m. ET.
• The numbers are expected to be pretty solid.
• Bank of America lays out what would be needed to "spook" the market.

The June jobs report is due out Friday morning, and by all accounts it is expected to be a pretty good report.

Economists surveyed by Bloomberg are expecting the US economy to have added 195,000 nonfarm jobs as the unemployment rate held at 3.8%. Additionally, average hourly earnings are expected to have increased 0.3% month-over-month.

However, there are some numbers that can "spook" the market, according to a note sent out to clients Friday morning by Michael Harnett's team at Bank of America Merrill Lynch. Take a look:

• Stagflationary payrolls of less than 140,000
• Wage growth of more than 0.4%

Stay tuned for the report, which is set to cross the wires at 8:30 a.m. ET.

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