The US employment report for June showed an addition of 147,000 jobs, surpassing expectations of 111,000. Unemployment unexpectedly decreased to 4.1%, down from 4.2% for the prior three months. The Federal Reserve maintained interest rates, with Chair Jerome Powell indicating solid job market conditions, low unemployment, and moderating wage growth. Despite the job market's stability, job seekers, particularly recent graduates, face challenges, with only 29% of consumers reporting abundant job opportunities. There is an anticipation of a rate decision by the Fed at the end of July following new inflation data.
"We went on hold when we saw the size of the tariffs, and essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs."
"The job market is solid, with low unemployment and moderating wage growth that exceeds inflation."
"So far, layoffs have not surged wildly, but hiring has cooled."
"Just 29% of consumers surveyed by The Conference Board said jobs were 'plentiful' in June."
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