According to a statement made by the US Department of Labor, non-farm employment increased by 206 thousand in June. The unemployment rate in the country was determined as 4.1 percent.
Unemployment Rate Rises More Than Expected
In the US, non-farm employment was expected to increase by 191 thousand people in June, while the unemployment rate was expected to remain at 4 percent. However, the unemployment rate rose to 4.1 percent, above expectations.
Fed Expects Rate Cut in September
The market expects the US Federal Reserve (Fed) to cut interest rates in September. According to CME Fed Watch data, the probability of a September rate cut is 66.5 percent. The Fed is currently holding its policy rate steady at 5.25-5.50 percent.
