The U.S. economy added 147,000 jobs in June, beating analyst expectations, the Bureau of Labor Statistics reported.

Weaker labor-market data this week could bolster the case for the Federal Reserve to resume interest-rate cuts soon. “My view is that I do think the Fed should cut in July,” said Matt Brill, head of North America investment-grade credit at Invesco Fixed Income, pointing to cracks in the jobs market.

Fed Chair Jerome Powell defended the Federal Open Meeting Committee’s universal decision to hold the Federal Funds Rate steady at 4.25% - 4.50% in June. The FOMC’s “wait and see” approach to the funds rate was in keeping, Powell said, with the Fed’s dual mandate of prudent monetary policy.