Data released on Friday showed that the U.S. unemployment rate rose again in June, but the number of jobs added in the United States in June was again slightly higher than expected.
The number of non-farm payrolls in the United States increased by 206,000 in June, exceeding the expected 190,000. The previous value was revised down from 272,000 to 218,000. The average monthly increase in employment in the previous 12 months was 220,000; the unemployment rate unexpectedly climbed to 4.1%, the highest level since November 2021; the average hourly wage in June increased by 3.9% year-on-year, the smallest increase since 2021.
After the data was released, gold took a roller coaster ride, falling by $17 in the short term, breaking the $2,360 mark, and then strongly recovered above $2,360, and once rushed to $2,370. The US dollar also staged a "heaven and earth needle" in the short term.
Regarding the previous data, the U.S. Bureau of Labor Statistics said that the number of new non-agricultural jobs in April was revised from 165,000 to 108,000, and the number of new non-agricultural jobs in May was revised from 272,000 to 218,000. After the revision, the total number of new jobs in April and May decreased by 111,000 compared with before the revision.
The BLS also noted that the unemployment rate was 4.1% in June, with 6.8 million unemployed. These indicators are higher than a year ago, when the unemployment rate was 3.6% and the number of unemployed people was 6 million.
After the release of the U.S. non-farm data, U.S. interest rate futures traders expected the Federal Reserve to have a slightly higher chance of cutting interest rates in September and December.
Overall, in line with other employment reports this week, the latest data highlighted a gradual cooling in the U.S. labor market, which would support expectations of interest rate cuts later this year.
Reports earlier this week showed a sharp drop in U.S. job openings this year and rising claims for unemployment benefits. The continued slowdown in hiring, combined with a recent moderation in inflation, has supported bets by Federal Reserve policymakers that they will cut interest rates as early as September.
Federal Reserve officials have become less concerned about an overheated job market and expect to cut interest rates later this year as long as inflation does not erupt, but still-strong job growth does make them feel they can be more patient before cutting rates.
The jobs report is the last before Federal Reserve officials meet later this month. The central bank is currently expected to cut interest rates twice this year.
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The article is forwarded from: Jinshi Data
