U.S. stocks rose after the latest job report showed that employers added 206,000 jobs in June, despite slightly lower-than-expected numbers. While the unemployment rate increased to 4.1% from 4%, April and May data were adjusted downward by a combined 111,000, indicating fewer jobs created. This news may please the Federal Reserve, which is keeping an eye on signs that inflation is easing.
Comerica Wealth Management CIO John Lynch advised investors not to bail from market rallies just yet, following the job report. The hiring surge was seen in government, social assistance, and healthcare sectors, while retail and manufacturing lost workers. The ADP report showed that companies added 150,000 jobs last month, lower than expected but still a positive sign for the economy.
Federal Reserve Chairman Jerome Powell has emphasized the need for inflation to be lower before considering rate cuts. Market watchers are currently expecting the first rate cut to happen at the September meeting. This reflects the uncertainty in the market as investors await further economic indicators to determine the future direction of the market.
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