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MNI BRIEF: US Jobs Rebound 272K, Jobless Rate Rises To 4%

Employment looks hotter-than-expected, reducing the chances of a near-term rate cut from the Federal Reserve

U.S. employment grew by a stronger-than-expected 272,000 jobs last month, blowing past forecasts for a rise of 180,000 and dashing prospects for any near-term interest rate cuts from the Federal Reserve.

Muddling the picture, the jobless rate, which is based on a separate survey, touched 4% for the first time since January 2022. Wage growth remained strong, with average hourly earnings jumping 0.4% on the month, leaving yearly gains at 4.1% -- still well above levels Fed officials see as consistent with price stability.

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U.S. employment grew by a stronger-than-expected 272,000 jobs last month, blowing past forecasts for a rise of 180,000 and dashing prospects for any near-term interest rate cuts from the Federal Reserve.

Muddling the picture, the jobless rate, which is based on a separate survey, touched 4% for the first time since January 2022. Wage growth remained strong, with average hourly earnings jumping 0.4% on the month, leaving yearly gains at 4.1% -- still well above levels Fed officials see as consistent with price stability.

Keep reading...Show less