US employers add 57K jobs in June as hiring continues at a healthy clip – though rate-cut hopes fall

June hiring stayed steady, ending a three-month run of job gains above 100,000—though the labor strength appears sufficient to likely keep the Federal Reserve from cutting interest rates. The data suggests a firmer-than-expected rate outlook despite the modest cooling in the momentum of job growth. This is likely to support yields and keep policy expectations relatively hawkish near term.

Analysis

June hiring stayed steady, ending a three-month run of job gains above 100,000—though the labor strength appears sufficient to likely keep the Federal Reserve from cutting interest rates. The data suggests a firmer-than-expected rate outlook despite the modest cooling in the momentum of job growth. This is likely to support yields and keep policy expectations relatively hawkish near term.