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The U.S. Job Market Holds Steady, Fed May Postpone Rate Cut Until September
BlockBeats News, July 3rd, the US June job market showed strong performance, with non-farm payrolls increasing by 147,000, higher than the revised 144,000 in May; the unemployment rate unexpectedly dropped to 4.1%, lower than economists' previous expectation of a slight rise to 4.3%. The report indicates that the labor market remains stable, which may prompt the Federal Reserve to postpone the timing of restarting interest rate cuts until September. Despite job growth exceeding expectations, the pace is slowing down, mainly reflecting weak hiring activity. Layoffs remain quite low, as employers, during and after the COVID-19 pandemic, have been hoarding workers as they struggle to find labor. Several indicators, including initial jobless claims and continued jobless claims, show that after a strong performance that shielded the economy from a recession, the labor market is showing signs of fatigue. At that time, the Federal Reserve was significantly tightening monetary policy to combat high inflation. (Kryptonium)
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