Stefane Marion, an analyst at National Bank of Canada (NBC), suggests that the U.S. June employment report depicted a resilient economy that continues to generate good job creation.

• “The jobless rate may have increased a bit during the month, but we are not concerned about that given that unemployment is increasingly frictional, i.e., people in the process of moving from one job to another.
• Case in point, the share of unemployed people that left their job voluntarily surged to 14.7% in June, a two-decade high.
• Such a development does not argue for an aggressive path of interest rate cuts by the Federal Reserve.”