ECB continues to see easing wage pressures, chief economist says

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June jobs report: US labor market adds 206,000 jobs, unemployment rate rises to 4.1%
The June jobs report comes at a crucial moment as economists debate whether the US labor market is still normalizing to pre-pandemic levels or showing the early signs of a broader slowdown.
Reuters
Key allies of India's Modi demand nearly $6 billion for their states this year - document shows
Two key allies of Indian Prime Minister Narendra Modi have asked for about $6 billion in funds for their home states, pressuring the federal government to raise spending when it presents its budget later this month, according to a document reviewed by Reuters and a source familiar with the matter. Modi's Bharatiya Janata Party (BJP) is having to rely on two regional parties - Andhra Pradesh's Telugu Desam Party and Bihar's Janata Dal (United) - to run the government, after it failed to win a majority on its own in the recently concluded national elections. In addition, both states have asked the federal government to nearly double unconditional long-term loans offered by the government to all states for infrastructure spending to 1 trillion rupees ($11.98 billion), according to the document and the source.
Reuters
Gold prices rise to one-month high after US jobs report
Gold prices extended gains on Friday to their highest level in a month following key U.S. jobs data that showed the labor market was softening, lifting expectations around a Federal Reserve interest rate cut in September. Spot gold was up 1.1% at $2,380.91 per ounce as of 11:08 a.m. (1508 GMT). "Gold is trading at one-month highs as lower payroll revisions and yet another uptick in the unemployment rate help 'cement' a September rate cut," said Tai Wong, a New York-based independent metals trader.
Reuters
US inflation easing, job market similar to pre-pandemic conditions, Fed report says
(Reuters) -Inflation is easing and the job market has returned to the "tight but not overheated" situation seen before the COVID-19 pandemic threw the U.S. economy into disarray, the Federal Reserve said on Friday in a report to Congress that documented the steady emergence of more normal conditions in the aftermath of the health crisis. "Inflation eased notably last year and has shown modest further progress so far this year," the Fed said in its latest Monetary Policy Report to Congress, noting that in the key area of housing services it is likely just a matter of time before the pace of price increases settles back to where it was before the health crisis. "Labor demand has eased, as job openings have declined in many sectors of the economy, and labor supply has continued to increase, supported by a strong pace of immigration."
Yahoo Finance Video
Fed is 'more focused' on core PCE than jobs data: Strategist
The June employment report beat Wall Street projections, with the economy adding 206,000 jobs. RiverFront Global Fixed Income CIO Kevin Nicholson joins Market Domination to discuss the implications for markets and Federal Reserve policy. Nicholson has a muted response to the jobs data, noting there is "a lot of mixed data" in recent economic indicators. He emphasizes that the Federal Reserve is likely more focused on the core Personal Consumption Expenditures (PCE) index, forecasted to rise 0.21% month-over-month in June. "I think that's where their focus is going to be," Nicholson adds that the PCE print is "more important to the Fed than the Jobs report right now." Regarding his market outlook, particularly for bonds (^TYX, ^TNX, ^FVX), Nicholson predicts, "Right now, I think that the ten-year [Treasury yield] is pretty much range-bound between four and four and a half percent for the second half of the year." He dives into potential scenarios: "If we get the Fed to pull back and delay their rate cuts, we'll see the ten-year go back into that 4.35 to 4.50 range." However, he suggests that if the Fed implements rate cuts, the yield could potentially drop closer to 4%. For more expert insight and the latest market action, click here to watch this full episode of Market Domination. This post was written by Angel Smith
Yahoo Finance
Stock market today: S&P 500, Nasdaq jump to fresh records as jobs report fuels bets for September rate cut
Investors are looking to the June jobs report for signs of more softening in the labor market that could lay the ground for rate cuts.
GOBankingRates
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Associated Press Finance
Stock market today: Wall Street's scorching rally sets more records as hopes rise for rate cuts
U.S. stocks rose to more records Friday after a highly anticipated report on the job market bolstered Wall Street’s hopes that interest rates may soon get easier. The S&P 500 climbed 0.5% to set an all-time high for a third straight day following Thursday’s pause in trading for the Fourth of July holiday. The Dow Jones Industrial Average rose 67 points, or 0.2%, while the Nasdaq composite added 0.9% to its own record.
Fortune
One of the most accurate recession indicators is close to sounding the alarm as unemployment continues to rise
While the current jobless rate is still historically low, its rate of increase could be a sign of deteriorating economic conditions.
The Telegraph
What will Labour do? Starmer’s manifesto and election promises
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Barrons.com
What to Expect From Today's Jobs Report
The latest employment data is expected to show that the U.S. job market is returning to normal, with fewer positions added last month—a positive message for anyone rooting for cuts to interest rates. The Bureau of Labor Statistics is slated to release the June jobs report at 8:30 a.m. Eastern on Friday. The consensus call among economists surveyed by FactSet is that employers added 189,500 jobs in June—a healthy pace, but a slowdown from the 272,000 positions the bureau reported companies added in May. Yet some are expecting a much softer report.
Associated Press
House Republicans unite on spending cuts to non-defense programs, but Senate roadblock awaits
House Republicans are off to a quicker, more united start this year when it comes to funding the federal government, passing four of 12 annual appropriations bills before the end of June compared to zero at this time last year when the new majority got off to a rocky start. All four bills that passed the House so far generated veto threats from President Joe Biden 's administration and drew widespread Democratic opposition and they have no chance of passing the Senate in their current form. House Republicans are intent on passing the dozen appropriations bills one at a time rather than combining them into one, massive catchall bill known as an omnibus, which they say leads to excessive spending and faulty government policies because such massive bills are harder to amend or stop without risking a government shutdown.
Yahoo Finance Canada
Canada's job market stalls in June, as unemployment rate climbs to 6.4%
The Canadian labour market stalled last month, shedding 1,400 jobs.
Yahoo Finance Video
US adds 206K jobs in June, while unemployment rises to 4.1%
Nonfarm payrolls rose above expectations for the month of June, the US Bureau of Labor Statistics reporting 206,000 new jobs added to the economy against economist estimates of 190,000. The US unemployment rate ticked up to 4.1%, while many experts were originally forecasting it to hold at 4.0%. The Morning Brief's Brad Smith and Brian Sozzi break down the latest jobs print. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Luke Carberry Mogan.
Yahoo Finance Video
Fed likely to have short and 'shallow' rate cutting cycle
All three of the major US indexes (^DJI, ^IXIC, ^GSPC) closed out the shortened trading week with across-the-board gains, and the S&P 500 and Nasdaq Composite both set new record highs. State Street Global Markets macro multi-asset strategist Cayla Seder joins Market Domination Overtime to discuss the state of the market as June's jobs report marked the latest sign of economic cooling. "We have this kind of moderation that's going on... but the actual level is still quite strong. And so I think what that means is as we're assessing this data, we have to put some of this moderation into context. And so, yes, you have a headline figure in the NFP [nonfarm payroll] print today that was still above pre-COVID norms. But then you do see some signs of weakness underneath," Seder tells Yahoo Finance "However, if we take a step back, wage growth is still quite strong. JOLTS [Job Openings and Labor Turnover Survey] data implies that there are more job openings... than there are folks unemployed," Seder explains. When analyzed from that perspective, she believes that while an interest rate cut is in play for September from the Federal Reserve, "thus far, it looks like the economy is still perhaps too strong to expect a cut in the near term." She notes that "the market does have this habit of getting ahead of itself," when economic data is released:  "I would caution folks from getting too excited about some signs of moderation and interpreting it as weakness and expecting too many cuts. Unless we're really going to start pricing in a recession, which thus far looks unlikely, it's going to be hard for the Fed to really deliver this large magnitude of cuts. And so it's much more likely, I think, that we're going to see a shorter and relatively shallow cutting cycle." For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime. This post was written by Melanie Riehl
Yahoo Finance Video
June jobs data could factor into a July rate cut: Economist
Nonfarm payrolls rose above expectations in June, with the US Bureau of Labor Statistics reporting 206,000 new jobs compared to the expected 190,000. However, the US unemployment rate ticked up to 4.1%, higher than the estimated 4.0%. RSM chief economist Joe Brusuelas joins Morning Brief to discuss the print and what it means for the overall health of the economy. "This is what full employment looks like. This is what you want to see. This is a very good number," Brusuelas says. He explains that the print is good news for the Federal Reserve, as the economy is responding to higher interest rates and cooling down: "A policy rate in a range between 5.25% and 5.5% is no longer appropriate for an economy that has an inflation rate of 2.6% — taken out to three decimals is 2.563%. Moreover, growth is cooling, hiring is cooling, the economy is normalizing. We're moving back to that pre-pandemic trend." Brusuelas adds, "I'm more comfortable with the Fed actually hinting in July that they were going to go in September. If I'm a Fed member, I'm actually thinking about July. They want to get out in front of what's going to be a decelerating job market." He anticipates inflation to hit 2.3% by the end of the year, stating "we're within shouting distance" of the Fed's target of 2%. While many have their sights set on September for the first rate cut, he says, "I'm comfortable even with them considering July at this point, because I do think the economy is just normalizing. I want to be clear here, guys: This isn't a crack in the job market. It's not the economy's foundations cracking. We're moving back to trend." For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Melanie Riehl
Yahoo Finance
June jobs report raises pressure on Fed for September rate cut
The June jobs report showed unemployment approaching a three-year high and raised the pressure on the Fed to act on rate cuts in September.

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ECB continues to see easing wage pressures, chief economist says

Latest stories

Warren Buffett said that he could end America's deficit problem 'in five minutes' — here's what he would do

June jobs report: US labor market adds 206,000 jobs, unemployment rate rises to 4.1%

Key allies of India's Modi demand nearly $6 billion for their states this year - document shows

Gold prices rise to one-month high after US jobs report

US inflation easing, job market similar to pre-pandemic conditions, Fed report says

Fed is 'more focused' on core PCE than jobs data: Strategist

Stock market today: S&P 500, Nasdaq jump to fresh records as jobs report fuels bets for September rate cut

The Possible Economic Ups and Downs for the Middle Class If Trump Is Elected

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Stock market today: Wall Street's scorching rally sets more records as hopes rise for rate cuts

One of the most accurate recession indicators is close to sounding the alarm as unemployment continues to rise

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What to Expect From Today's Jobs Report

House Republicans unite on spending cuts to non-defense programs, but Senate roadblock awaits

Canada's job market stalls in June, as unemployment rate climbs to 6.4%

US adds 206K jobs in June, while unemployment rises to 4.1%

Fed likely to have short and 'shallow' rate cutting cycle

June jobs data could factor into a July rate cut: Economist

June jobs report raises pressure on Fed for September rate cut