Friday's labor report is likely to cement market expectations that the Fed is preparing to cut interest rates later this month.
The economy added just 75,000 jobs in May, amid ongoing trade tensions with China and Mexico and a global economic slowdown.
The unemployment rate stayed steady at 3.6 percent, the lowest level in almost 50 years. Annual wage growth ticked up by 3.1 percent, according to data released Friday by the Bureau of Labor Statistics.The government's monthly employment snapshot was hotly anticipated after a private payroll report released on Wednesday also took Wall Street by surprise. ADP's monthly report revealed that just 27,000 jobs were added to the private sector in May — the lowest since 2010.
Friday's labor report is likely to cement market expectations that the Fed is preparing to cut interest rates — with some predicting that may happen as soon as June 18 when the Federal Open Market Committee next meets to discuss monetary policymaking. President Donald Trump said Thursday"the stock market would be 10,000 points higher" if the Fed had not raised rates four times last year.and would take the necessary steps to continue the country's near-record economic expansion.
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