Fed minutes show slowing inflation; US stocks close at record highs for second straight day
The US labour market continues to show some signs of cooling, according to the latest data on US jobless claims and private sector employment, as traders prepare for Friday’s crucial non-farm payrolls report.
Private sector employers added 150,00 jobs in June, ADP reported on Wednesday, slipping from an upwardly revised 157,000 positions in May. Economists polled by LSEG expected 160,000 roles to have been added last month.
“Job growth has been solid, but not broad-based,” ADP chief economist Nela Richardson said. “Had it not been for a rebound in hiring in leisure and hospitality, June would have been a downbeat month.”
Separately, new applications for unemployment aid totalled 238,000 in the week ended June 29, the labour department said, from 234,000 in the previous seven-day period. Economists had expected 235,000 jobless claims.
