US job creation slows, clobbering Fed tightening bets
The US job creation engine slowed in June, weighing on expectations for a renewed tightening cycle from the Federal Reserve in the second half of this year. According to the Bureau of Labor Statistics, just 57,000 jobs were added in the month—representing an undershoot relative to the 110,000 median consensus forecast—while the previous two months were revised down by a total 74,000 positions, lowering the three-month average pace of job creation to 111,000, from 188,000 ahead of the update. The unemployment rate ticked down to 4.2% from 4.3% in May, driven by employment gains that outpaced labour force additions. After...