Moderate Movement

June payroll growth deflated to 209,000, the lowest level since 12/20, April and May employment was revised down 110,000, and it was the first time in over a year that growth fell short of market expectations. Yet unemployment fell and Y-o-Y wage growth grew 4.4%, unchanged since the start of 2023, and well above the 3.0% to 3.5% range needed to get inflation down to the Fed’s 2% goal. The Fed hikes.