In April, the U.S. added 165,000 new jobs, which was revised downward from 175,000 on Friday. Also, unemployment rose slightly to 4 percent in May, after a slight increase in April.
The state of the US labor market plays a major role in the Federal Reserve’s interest rate decision. If the labor market shows signs of weakening, the US Federal Reserve may be more willing to cut interest rates. The US Federal Reserve meets next week to discuss interest rates. The central bank is generally expected to leave interest rates unchanged to combat persistent inflation.
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Payslip app ADP already released its jobs report earlier this week. It showed that the number of private sector jobs increased by 152,000 in May. It was less than expected. The official US government jobs report also includes public sector jobs.
In financial markets, traders now expect the strong jobs figure to mean the central bank will not cut interest rates before December. Stock markets in New York started lower on Friday due to the prospect of interest rates staying at high levels for a longer period of time.
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