Once again, good news is bad news, as overall the US economy looks strong than expected, and the US economic surprise index kept by Citi, which tracks how much incoming data is exceeding or lagging expectations, jumped to its highest in more than two years. But this leads to the thought that rates will have to go higher, forcing markets lower.
Shares closed lower in New York, reversing earlier gains, in light volume on Friday. While the June jobs data helped to ease some concerns about the interest rate outlook, it also provided further justification for a July increase.
The U.S. economy added jobs at a slower-than-anticipated pace in June, but labor conditions remain largely tight as Federal Reserve officials prepare for an upcoming interest rate decision later this month.
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