The U.S. jobs market cooled in June but remains solid, raising the odds that the Federal Reserve will cut interest rates by year-end.
The economy added 206,00 jobs last month, in line with analyst forecasts, and unemployment edged up to 4.1%. The data follows a surprisingly strong 272,000 increase in May.
A modest slowdown in hiring and wage growth could increase the Fed’s confidence that inflation is trending closer to its 2% annual target, opening the door for policymakers to trim borrowing costs for consumers and businesses.
—This is a developing story.