U.S. employers likely added enough jobs to hold the headline unemployment rate at its lowest level in fifty years last month, but slowing growth rates and modest wage gains could spark renewed bets on deeper Federal Reserve rate cuts when the June data is published before the market opens Friday.

Analysts are expecting the Bureau of Labor Statistics to report that 160,000 new jobs were created over the month of June, a sharp rebound from the disappointing 75,000 tally recorded for May. The forecasts would peg the 2019 monthly average at just 164,000, however, well shy of the 223,000 average over the whole of last year and a figure that is more consistent with GDP growth of around 1.5%.

Average hourly wages, meanwhile, are forecast to

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