Hiring in the U.S. slowed in June, raising hopes for interest rate cuts

The U.S. jobs market cooled in June but remains solid, raising the odds that the Federal Reserve will cut interest rates by year-end.

The economy added 206,00 jobs last month, in line with analyst forecasts, and unemployment edged up to 4.1%. The data follows a surprisingly strong 272,000 increase in May.

A modest slowdown in hiring and wage growth could increase the Fed’s confidence that inflation is trending closer to its 2% annual target, opening the door for policymakers to trim borrowing costs for consumers and businesses.

—This is a developing story.

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