Why the US jobs report matters
The latest US jobs report showed an addition of 172,000 jobs in May and kept the unemployment rate at 4.3%, with wages rising by 0.3% month-over-month and 3.4% year-over-year. This performance reinforces market expectations that the Federal Reserve will not cut interest rates, which supports a stronger dollar and higher bond yields. Consequently, there was a temporary decline in the stock market and gold, while geopolitical tensions continue to influence oil prices.
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