Job market data hints at Fed rate cut, unemployment at 4.1%.
Sectors & Industries
July 8, 2024
The US economy added 206K jobs in June 2024, above forecasts but below the revised 218K in May.
Significant job gains were in government, healthcare, social assistance, and construction, while retail, manufacturing, and professional services saw losses.
“The job market is bending without yet breaking, which boosts the argument for rate cuts,” said David Russell, global head of market strategy at TradeStation. “Things are not too hot and not too cold. Goldilocks is here and September is in play” for a Fed rate cut.
The labor market remains strong but is cooling. The unemployment rate unexpectedly climbed to 4.1%, tied for the highest level since October 2021.
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