Bets on US Federal Reserve rate hike in October fall as job market cools
Last month, the US economy added only 29,000 jobs, significantly below the economists’ forecast of 90,000 jobs. The unemployment rate rose to 4.2%, indicating a slight deterioration in the labor market. Traders decreased expectations for another Federal Reserve interest rate hike later this year, with less than a 20% chance for October. Despite a recent rate...
Key Takeaways
- Last month, the US economy added only 29,000 jobs, significantly below the economists’ forecast of 90,000 jobs.
- The unemployment rate rose to 4.2%, indicating a slight deterioration in the labor market.
- Traders decreased expectations for another Federal Reserve interest rate hike later this year, with less than a 20% chance for October.
Last month, the US economy added only 29,000 jobs, significantly below the economists’ forecast of 90,000 jobs. The unemployment rate rose to 4.2%, indicating a slight deterioration in the labor market. Traders decreased expectations for another Federal Reserve interest rate hike later this year, with less than a 20% chance for October. Despite a recent rate increase, inflationary pressures remain a concern for policymakers.
Original Publisher Attribution
This summary was curated from Economic Times.