US non-farm data far exceeded expectations, which may ease the pressure on the Fed to cut interest rates

Odaily News The number of non-farm payrolls in the United States unexpectedly increased by 147,000 in June, which was not only higher than the 144,000 new jobs in May, but also significantly exceeded the 110,000 generally predicted by economists, showing that the U.S. labor market has successfully withstood the uncertainty brought about by the Trump administrations trade and immigration policies. This unexpectedly strong data will reduce the pressure on the Federal Reserve to cut interest rates, despite Trumps repeated public calls for the bank to take action to cut interest rates. Federal Reserve Chairman Powell said this week that a rate cut in July is still under consideration, which seems to have reversed his previous position of keeping interest rates unchanged until the fall. (Jinshi)