Soft Landing? US Job growth beats expectations, but unemployment rises [Wealth Professional (Canada)]
Goldman Sachs Group, Inc. (The) (GS)
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Source: Wealth Professional
The US economy added slightly more jobs than expected in June, though the unemployment rate increased, as reported by the Labor Department on Friday. Nonfarm payrolls rose by 206,000 for the month, surpassing the Dow Jones forecast of 200,000 but falling short of the revised gain of 218,000 in May, according to CNBC The unemployment rate climbed to 4.1 percent, tied for the highest level since October 2021. This development presents a conflicting sign for Federal Reserve officials considering their next monetary policy move. Jan Hatzius, chief economist at Goldman Sachs, described the report as a “soft landing kind of report” on CNBC's “Squawk on the Street.” He suggested that the Federal Reserve might cut rates soon, with September being the most likely timeframe. The rise in the unemployment rate coincided with an increase in the labour force participation rate to 62.6 percent, as noted by CNBC . The prime age rate, which includes individuals aged 25 to 54, reached 83.7 per
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- GS's page on the SEC website