U.S. Nonfarm Payrolls Far Exceed Expectations, Potentially Easing Pressure on Fed Rate Cuts
Odaily Planet Daily News: U.S. nonfarm payrolls unexpectedly increased by 147,000 in June, not only surpassing May’s 144,000 new jobs but also significantly exceeding economists’ consensus forecast of 110,000. This indicates that the U.S. labor market has successfully withstood the uncertainties brought by the Trump administration’s trade and immigration policies. The unexpectedly strong data will ease pressure on the Federal Reserve to cut interest rates, despite President Trump’s repeated public calls for rate cuts. Fed Chair Jerome Powell stated this week that a rate cut in July “remains under consideration,” seemingly reversing his earlier stance of “keeping rates unchanged until the fall.” (Jin10)
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