U.S. employers sharply stepped up their hiring in June, adding a robust 224,000 jobs, an indication of the economy’s durability after more than a decade of expansion
WASHINGTON — .
“Although there are drags on the economy in 2019, the expansion should continue through this year,” said Gus Faucher, chief economist at PNC Financial Services. “The doom and gloom was overblown.” In an appearance with reporters, Trump asserted Friday that the economy would soar like a “rocket ship” if the Fed reduced rates. Last year, Fed officials raised rates four times, in part to stave off the risk of high inflation and in part to try to ensure that they would have room to cut rates if the economy stumbled.
For Todd Leff, CEO of Hand & Stone Massage and Facial Spa, the resilience of the U.S. job market has provided both an opportunity and a challenge. With more Americans earning steady paychecks, demand for massages and facials has increased, and the company plans to add 60 locations this year and roughly 1,800 jobs. But the low unemployment rate has also made it hard to find and retain workers.
Joshua Shapiro, chief U.S. economist for the consultancy MFR, said the likelihood of a Fed rate cut late this month is now slightly lower, though he still estimates that the federal funds rate — what banks charge each other — will be sharply lower by the end of next year.
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