Skip to main content. Skip to contact links. Skip to navigation. If you wish for the loan officer to reach out to you, click to skip to their contact form. If you have questions for this loan officer, click to call them. If you need loan servicing, click to call our loan servicing department at 855-979-1084 Skip to footer navigation.
Jim Murphy

Jim Murphy

Team Lead Loan Officer
Movement Mortgage
NMLS ID # 1275965

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.

RELATED

Jim Murphy
Jim Murphy
Team Lead Loan Officer
Ready to learn more or get started? Complete the form and let’s connect.
11255 Kirkland Way, Ste 110, Kirkland, WA 98033
(opens in a new tab)
NMLS # 1275965

State License #AZ-0947419, CA-DFPI1275965, CO-100538421, ID-MLO-1300965, OR, WA-MLO-1275965