US stocks dipped on Friday after the latest jobs report showed hiring cooled in June but wage growth remained hot, providing a mixed bag of data for the US central bank to sift through as it heads into its next policy meeting at the end of the month.
According to the newest Bureau of Labor Statistics report, 209,000 new positions were added last month, and unemployment fell to 3.6%. That figure is below expectations of around 225,000 new jobs, according toBut wage growth rose more than predicted, up 4.4% on an annualized basis, while the average hourly earnings edged up 0.4%.
While slower hiring gets the Federal Reserve closer to its goal of cooling the economy, higher than expected wage growth provides fodder for Chair Jerome Powell to keep policy tight and raise rates further to bring inflation down near its long-run 2% target. Fed fund futures are pricing in more than 90% odds that the Fed raises rates 25 basis points this month, according to the CME FedWatch Tool, down slightly from 95% after Thursday's blowout ADP jobs number.
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