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.
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