The construction sector added 24,000 jobs, while leisure and hospitality saw an increase of 46,000 jobs. This pattern does not suggest a high probability of a recession and aligns with a 2% real GDP growth. A 50 basis point rate cut seems unlikely; a 25 basis point cut is more consistent with the data.
Payrolls rose by 142,000, and the unemployment rate fell by 0.1% to 4.2%
