The June jobs « should have Fed officials troubled that the desired cooling in the economy could transition into a frigid summer, » LPL said.
US stocks tested record highs on Friday after the June jobs report sent bond yields lower.
The US economy added 206,000 jobs in June, which was slightly ahead of economist estimates of 200,000, but below the May jobs report, which was revised lower to 218,000 from 272,000.
The April jobs report was also revised lower to 108,000 jobs added that month, down from the initial reading of 165,000.
The job revisions, combined with the unemployment rate ticking higher to 4.1% from 4.0% in June, sent bond yields tumbling and renewed hopes for interest rate cuts from the Federal Reserve.
The chances of a September interest rate cut of 25 basis points rose to 72% Friday morning, according to the CME FedWatch Tool.
