U.S. job growth likely rebounded in June, with wage gains expected to pick up, b...
WASHINGTON - U.S. job growth likely rebounded in June, with wage gains expected to pick up, but that would probably not be enough to discourage the Federal Reserve from cutting interest rates this month amid growing evidence the economy is slowing.
President Donald Trump and Chinese President Xi Jinping last week agreed to a trade truce and a return to talks. White House trade adviser Peter Navarro said on Tuesday talks were heading in the right direction, but it would take time to get the right deal made. The trade fight has undercut business confidence, leading to a downturn in equipment spending and manufacturing.
Reports on Wednesday showed private employers hired far fewer-than-expected workers last month and a measure of services industries employment declined. Consumer spending is rising moderately, with confidence easing from its recent lofty levels. Manufacturing and the housing market are struggling and the trade deficit is widening again. Construction spending has weakened as the boost from increased investment in roads and highways by state and local governments fades.Though wage growth is expected to have picked up in June, the trend has slowed from late last year when wages were rising at their fastest rate in a decade.
The unemployment rate is expected to have remained near a 50-year low of 3.6% in June for a third straight month. But the jobless rate could surprise on the upside as a survey last week showed consumers less upbeat in their perceptions of the labor market this month. “Business investment has been weak in part due to increased uncertainty over the global environment and trade,” said Michelle Girard, U.S. chief economist at NatWest Markets in Stamford, Connecticut. “This wait-and-see attitude could lead to a slowdown in the pace of hiring in the months ahead as well.”
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