U.S. labour market strong; mid-Atlantic manufacturing rebounds

and led the Federal Reserve to signal it would cut interest rates at its July 30-31 meeting for the first time in a decade.

It said “a few reports highlighted concerns about securing and renewing work visas, flagging this as a source of uncertainty for continued employment growth.” But there some glimmers of hope for manufacturing. In a separate report on Thursday, the Philadelphia Fed said its business conditions index jumped to a reading of 21.8 in July from 0.3 in June.That was the highest level since July 2018 and reflected strong increases in measures of new orders, employment and shipments. The improvement in manufacturing in the region that covers eastern Pennsylvania, southern New Jersey and Delaware mirrors other measures on factory activity.

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