A strong US jobs report has reignited uncertainty in global markets, challenging assumptions about the Federal Reserve’s future rate cuts. The unexpected surge in employment numbers, with over 100,000 more jobs than anticipated, has cast doubt on the necessity for steep rate reductions this year.
The debate over whether the US economy has performed better under President Joe Biden or his predecessor, Donald Trump, is central to the current presidential campaign.
Yet overhanging the rosy economic forecasts is the possibility of a resurgent coronavirus in the form of the highly contagious delta variant.
Inflation, meanwhile, is expected to climb to 3.4 per cent by year-end, 1 percentage point up from the March projection.
The trade body in its statement urged the US administration to shorten the duration of these restrictions to 90 days.
The death count in the United States due to the novel Coronavirus reached 32,917 on Thursday, according to a tally by Johns Hopkins University.
These are the nations that represent over two-thirds of the world population. India also is a member of the group.
The lacklustre data came after the US Federal Reserve lowered interest rates for the first time since the 2008 global financial crisis.
The declines brought the S&P 500 to the brink of a "bear market," considered a drop of 20 per cent from its peak.
The benchmark 10-year Treasury yield eased back slightly in Friday's late trading after a record high of over 3.1 per cent on Thursday, the first time since 2011.
