What's the latest news on the U.S. economy?
Asked 5 days ago
Answer
The U.S. economy recently added more jobs than expected in June, with 147,000 new positions and an unemployment rate steady at 4.1%. However, job growth is slowing, especially in the private sector, and much of the recent gains are from government hiring. The Federal Reserve is not expected to cut interest rates soon, as the economy remains strong and recent changes in immigration are affecting labor supply. Additionally, U.S. manufacturing continues to expand, with the latest PMI at its highest since May 2022. There are also ongoing political debates over the federal budget and new trade agreements, such as the recent deal with Vietnam imposing tariffs and increasing U.S. market access.
References
Economists note that recent surges in immigration are still affecting labor supply, making it difficult to interpret jobs numbers. Despite uncertainty, the economy shows strength and there are no clear signs of weakness that would justify the Federal Reserve cutting interest rates.
The U.S. added 147,000 jobs in June, surpassing expectations, with the unemployment rate steady at 4.1%. However, job growth is slowing, especially in the private sector, and much of the recent gains are from government hiring.
