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June jobs data could factor in to a July rate cut: Economist

DeFi Daily News by DeFi Daily News
July 5, 2024
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June jobs data could factor in to a July rate cut: Economist
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#june #jobs #july #fedratecut #yahoofinance

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

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Tags: BondsbusinessCurrenciescutdataeconomistEquitiesfactorFXInvestingInvestmentjobsJulyJuly rate cutJuneJune jobs dataMarketMarketsMoneyNewsNYSEPersonal FinancePoliticsRateSavingsStock marketstocksYahoo FinanceYahoo FInance Premium
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