US Jobs Report to Show a Substantial Slowdown in Hiring in June

Forecasters expect a monthly report on US employment to show a step-down in hiring in June alongside a moderation in wage growth.

Payrolls probably rose by 190,000 last month, according to the median estimate in a Bloomberg survey. Average hourly earnings likely increased 3.9% from a year earlier, the least in three years, in the report set to be published Friday by the Bureau of Labor Statistics.

The unemployment rate is seen holding at 4%, the highest level in more than two years.

Such a gradual cooling in the labor market would support Federal Reserve policymakers seeking multiple reductions ...