Payrolls grew in April by the least in six months. The unemployment rate rounded up to 3.9%, the highest level since 2022. Wage growth moderated, a hopeful sign for softer super-core inflation. The ISM Services PMI fell below 50. Its employment component also fell, in line with cooler payrolls. Although we lean toward one Fed rate cut this year, these reports keep the possibility of two cuts on the table.
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