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U.S. employment data exceeds expectations, The Federal Reserve (FED) may delay interest rate cuts until September.
According to reports, the U.S. job market showed solid performance in June, with non-farm payrolls increasing by 147,000, higher than the revised figure of 144,000 for May; the unemployment rate unexpectedly fell to 4.1%, while economists had previously expected a slight rise to 4.3%. The report indicates that the labor market remains stable, which may delay the Federal Reserve's (FED) timeline for restarting interest rate cuts until September. Although job growth exceeded expectations, the pace is slowing, mainly reflecting weak hiring activity. Layoffs remain quite low, as employers have generally hoarded workers during and after the COVID-19 pandemic due to difficulties in finding labor. Several indicators, including initial jobless claims and the number of people receiving unemployment benefits, show that the labor market is showing signs of fatigue after a strong performance aimed at protecting the economy from recession. At that time, the FED had significantly tightened monetary policy to combat high inflation.