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[hfe_template id='11223'] [ad_1] Economists at Citigroup Inc. and JPMorgan Chase & Co., some of the last holdouts predicting a Federal Reserve interest-rate cut in July, have relented. After Friday’s release of stronger-than-anticipated May employment data, Citigroup now sees US policymakers making their first move in September, while JPMorgan looks for no change until November. “We are shifting our base case for the first rate cut from July to September,” Andrew Hollenhorst, Citigroup’s chief US economist, said in a report Friday. While the labor market and US economy both appear to be slowing, “surprisingly strong job growth” last month will probably stay the Fed’s hand while “waiting for more data on slower activity and inflation.” JPMorgan’s chief US economist Michael Feroli, also in a Friday report, said “the recent momentum in job growth” suggests that the “broader” labor-market weakening the Fed has said could warrant a rate cut may take more than three months...

[hfe_template id='11223'] [ad_1] Workday shares dropped more than 13% on Friday, after the human resources software provider pared back its annual subscription revenue forecast as economic uncertainty and slower hiring hurt demand for its payroll services. Enterprises have slowed down hiring of new employees as they navigate pressures from higher-for-longer interest rates and sticky inflation. Workday is set to lose about $9 billion in market value, if losses hold. The company expects subscription revenue to be between $7.70 billion and $7.73 billion for the fiscal year 2025, down from its prior forecast of $7.73 billion to $7.78 billion, it said after markets closed on Thursday. Analysts currently expect full-year subscription revenue at $7.73 billion, according to LSEG data. "While growth will be incrementally slower, we believe the driver is macro, not company-specific," Bernstein analysts wrote in a note. U.S. job growth slowed more than expected in April...