China International Capital Co (CICC) says June US nonfarm payrolls rose 57k, below consensus, indicating a cooling in employment acceleration. After downward revisions the three‑month average gain remains 111k, showing continued labor‑market expansion; unemployment fell to 4.2% while labor‑force participation declined, consistent with firm demand and tighter supply and limited overall unemployment pressure. CICC maintains a call that the report gives the Fed room to wait, so it expects neither

China International Capital Co (CICC) says June US nonfarm payrolls rose 57k, below consensus, indicating a cooling in employment acceleration. After downward revisions the three‑month average gain remains 111k, showing continued labor‑market expansion; unemployment fell to 4.2% while labor‑force participation declined, consistent with firm demand and tighter supply and limited overall unemployment pressure. CICC maintains a call that the report gives the Fed room to wait, so it expects neither a rate hike nor a cut this year. Medium term, CICC attributes recent job gains more to an AI‑investment led cyclical recovery than to short‑lived factors; if AI drives sustained aggregate demand expansion, the Fed could resume hiking next year.