Glenmede strategists Jason Pride and Michael Reynolds expect US June unemployment to remain at 4.3% and nonfarm payrolls to rise about 87k, down from May’s 172k. They say that, despite the slowdown, the labour market remains resilient amid low hiring and low layoffs. The pair note the Fed’s focus has shifted toward inflation, so the timing of any policy easing will depend more on inflationary pressure than on employment growth.