The United States labour market continued to show resilience in June, as job growth exceeded forecasts and the unemployment rate unexpectedly declined, dampening expectations of an imminent interest rate cut from the Federal Reserve. According to the Bureau of Labour Statistics (BLS), nonfarm payrolls rose by a seasonally adjusted 147,000 during the month, surpassing the market forecast of 110,000 and slightly above May’s upwardly revised figure of 144,000. April’s number was also revised higher to 158,000. The unemployment rate edged down to 4.1%, its lowest since February, defying expectations for an increase to 4.3%. A broader measure of unemployment, which includes discouraged workers and those working part-time for economic reasons, also fell to 7.7% - its lowest since January. However, the improvement in jobless rates was largely attributed to a decline in labour force participation. The participation rate dropped to 62.3%, the lowest since late 2022, as the number of people not in the labour force increased by 329,000. The household survey, used to calculate the unemployment rate, recorded a more modest employment gain of 93,000, while those not actively seeking work rose by 234,000 to 1.8 million. Mark