CNN’s Rana Foroohar says that June’s strong job report is going to make it very difficult for the Federal Reserve to justify a rate cut that the Trump administration has been pushing for. The US economy added 224,000 jobs in June, a strong comeback for the labor market after a disappointing May. The unemployment rate rose to 3.7%, the highest level since March 2019 but still historically low. The number substantially beat the expectations of analysts, who had forecast a drag on jobs because of business uncertainty around high trade tensions as well as a lackluster housing market.
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