June Jobs Report Shows US Labor Market Resilient Amid Tariff, Rate Cut Uncertainty

The June jobs report showed that the U.S. labour market remains resilient amid pressures from the Trump administration’s tariffs and the ongoing uncertainty around President Donald Trump’s tax bill. 

The total nonfarm payroll employment increased by 147,000 in June, higher than the expected increase of 110,000, according to economists polled by Bloomberg. 

The unemployment rate also remained steady at 4.1%, lower than the expected 4.3%. 

The jobs data is being closely watched amid the growing debate over when the Federal Reserve will cut interest rates next and pressure from President Donald Trump.

Federal Reserve Bank of Richmond President Thomas Barkin and Atlanta Federal Reserve President Raphael Bostic side with Fed Chair Jerome Powell, calling for patience to see how businesses adjust to the Trump administration’s tariff policies and their impact on inflation. 

However, Fed Governors Christopher Waller and Michelle Bowman expect rate cuts to begin as soon as July. They expressed concerns about weakness in the labor market as the primary reason for their expectation of a cut in July.

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Read also: Private Sector Job Losses Hit 33,000 in June – Professional And Health Services Take The Biggest Hit