| US employers added more jobs in June than forecast and the unemployment rate held near a five-decade low, signs of both strong demand and a tight labour market that will keep Federal Reserve officials tilted toward another jumbo interest-rate hike.
“The labour market is very hot,” Jeffrey Rosenberg, senior portfolio manager for systematic multi-strategy at BlackRock, said on Bloomberg Television. “The Fed has to do more.” While a number of companies did announce plans in June to cut staffing levels, layoffs have so far been largely concentrated in technology and interest-rate sensitive sectors like housing. The report showed the smallest gain in financial activities payrolls in a year.The labour force participation rate -- the share of the population that is working or looking for work -- slipped to 62.2 per cent, and the rate for workers ages 25-54 declined to a four-month low of 82.3 per cent.
Source: Financial Digest (financialdigest.net)
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