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OAN’s James Meyers
8:08 AM – Friday, July 5, 2024
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The economy grew by 206,000 jobs in June, but unemployment was above 4% in the same month, according to the Labor Department on Friday.
The feds also revised May jobs figures from the reported 272,000 jobs down to 218,000. For April, the government also revised the job numbers downward, from the initial 165,000 to 108,000.
Signs of a weakening job market boosted investors’ hopes for rate cuts, although stocks were little changed in early trading.
Neil Dutta, an analyst at Renaissance Macro Research, urged the Fed to “get on with” slashing interest rates.
“Today’s employment report ought to firm up expectations of a September rate cut,” Dutta told Bloomberg News. “Economic conditions are cooling and that makes the trade-offs different for the…
