Headline numbers from the June jobs report took pressure off the Federal Reserve to consider an interest-rate cut later this month, likely leaving the central bank on hold at least until the fall.US employers added 147,

Private-sector hiring slowed in June, but the unemployment rate—calculated using a separate survey—declined to 4.1% from 4.2% in May. June hiring figures showed that the breadth of payroll gains was narrow, with most of the hiring occurring in the healthcare sector or in state and local government.

The June jobs report cratered the odds for a July rate cut. Stocks cheered the strong data but dimmer rate-cut views prevented bigger gains.