U.S. jobs rise in June signals steady growth
U.S. employers added 206000 jobs in June, a solid gain that shows resilience amid high rates. The unemployment rate rose to 4.1 percent as 277000 more people looked for work, while April and May gains were revised downward by 111000. Hourly pay rose 0.3 percent from May and 3.9 percent from June 2023. Fed rate cuts are viewed as likely starting in September.
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Wall Street stocks hit records after jobs data boost bets on rate cuts
U S stocks advanced with the S&P 500 and Nasdaq at records as Friday’s jobs report reinforced expectations for easing monetary policy. The Dow rose about 0.2 percent while bonds rallied on slower wage growth and a cooler economy. Analysts noted a potential Fed rate cut later this year but warned inflation could reaccelerate if too loose.
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Air travel complaints surge in 2023 amid delays and refunds
The Transportation Department reported nearly 97 thousand consumer complaints about airlines in 2023, the highest since 2020, as delays hovered around 21 percent and cancellations were 1.2 percent of flights. The rise follows more accessible rights awareness and a modernizing system. Southwest faced refunds over 600 million dollars after December 2022 cancellations and paid a 35 million dollar fine.
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Fed stresses monetary policy independence amid Trump bid
The Federal Reserve highlights political independence in its semi annual report as Donald Trump nears the Republican nomination. The box on monetary policy independence argues independence improves economic performance, while Powell cautioning about politics and reiterating commitment to jobs and inflation targets.
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