New York Times commentary said the Fed is likely focused on the unemployment rate, which continues to show underlying labor-market stability. Even if June payroll growth slowed, layoffs have not risen materially.

US June nonfarm payrolls rose 57k vs 110k expected; prior two months were revised down by a combined 74k, the BLS said. The unemployment rate fell, driven by a sharp drop in labor force participation as workers exited the labor force. Spot gold jumped on the data and markets trimmed bets on earlier Fed tightening, shifting the expected timing of the next Fed rate hike from October toward December.

Beijing, July 2 — Lu Kang, vice minister of the International Liaison Department of the Communist Party of China, met European strategic figures including the director of the UN Institute for Disarmament Research and the head of the French Institute for International Relations and Strategy. They exchanged views on international security and China‑EU relations. Lu said the international order under the UN Charter is not being effectively upheld, reiterated Beijing’s support for a central UN role, and reiterated support for Europe strengthening strategic autonomy and playing a larger role in international affairs. Both sides called for genuine multilateralism and closer strategic exchanges to help maintain global peace and stable China‑EU ties.