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Clint Hammond

Clint Hammond

Branch Manager
Movement Mortgage
NMLS ID # 71597
3300 Millwood Ave, Columbia, SC 29205
Dial Phone Number
p: (803) 422-6797
o: (803) 771-6933
f: (866) 741-1723
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e: clint.hammond@movement.com

July Rate Cut Off the Table as Job Market Surges

By: Movement Staff
June 7, 2024
Today's unemployment report has effectively ruled out any possibility of a July rate cut by the Federal Reserve. Nonfarm payrolls increased by 272,000 in May, significantly surpassing the expected 180,000. Additionally, hourly earnings rose at an annualized rate of 4.1%, exceeding the forecast of 3.9%. Interestingly, other economic indicators point to a weakening economy, such as last week’s manufacturing data. Financial markets are struggling to interpret the economy's direction amid these conflicting signals. 
 
A key debate centers on whether the current interest rate levels, widely considered restrictive, might not be as restrictive to economic growth as many believe. The upcoming Consumer Price Index (CPI) release next Wednesday morning, followed by the FOMC's rate decision in the afternoon, will be important in shaping future market expectations.
Author: Movement Staff

The Market Update is a weekly commentary compiled by a group of Movement Mortgage capital markets analysts with decades of combined expertise in the financial field. Movement's staff helps take complicated economic topics and turn them into a useful, easy to understand analysis to help you make the best decisions for your financial future.

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Clint Hammond
Clint Hammond
Branch Manager
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3300 Millwood Ave, Columbia, SC 29205
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NMLS # 71597

State License #FL-LO118263, GA-28594, NC-I-141698, SC-MLO - 71597, TN-128458