US Jobs Report Crushes Expectations, Triggering Dollar Rally
The US job creation engine accelerated last month, weakening market expectations for at least two rate cuts from the Federal Reserve in the back half of the year. According to data just released by the Bureau of Labor Statistics, 147,000 jobs were added in June – representing a solid overshoot relative to the 110,000-position consensus forecast – and the unemployment rate unexpectedly ticked down to 4.1 percent, from 4.2 percent in the prior month. Job growth in the previous month was revised higher to 144,000, bringing the three-month average up to 150,000. Caveats were present – 73,000 jobs were added...