July jobs report sparks stock gains and Fed pause hopes
U. S. stocks rose after the July jobs report showed a modest loss of 23,000 jobs and a slight dip in the unemployment rate to 4. 1%, leading some analysts to expect the Federal Reserve to pause its rate-hike cycle. The report was released by the U.
S. Labor Department. Earlier June data from the Labor Department indicated a small increase in hiring and a six-month high in voluntary quits, while job openings fell to 7. 36 million and layoffs remained steady. Economists had previously projected July payrolls to grow by about 83,000, but the actual figures reversed that outlook, prompting market participants to reassess the labor market’s strength.