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U.S. Non-Farm Payrolls Data Far Exceeds Expectations, May Ease Fed Rate Cut Pressure
BlockBeats News, July 3rd: In a surprising turn of events, the US added 147,000 non-farm payrolls in June, not only surpassing the 144,000 new jobs added in May but also significantly exceeding the consensus estimate of 110,000 by economists, demonstrating that the US labor market has successfully weathered the uncertainty brought by the Trump administration's trade and immigration policies. This unexpectedly strong data will alleviate the pressure on the Federal Reserve to cut interest rates, despite President Trump's repeated calls for rate cuts. Federal Reserve Chairman Powell stated this week that a rate cut in July is "still on the table," seemingly reversing his previous stance of "maintaining rates until the fall." (FXStreet)
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