U.S. job growth likely cooled a bit in June after reaching a five-month high, but still-healthy hiring would suggest the labor market is strong enough to support a September interest rate increase by the Federal Reserve. A Reuters survey estimated that nonfarm payrolls rose 230,000 last month after May’s 280,000 jump, the largest gain since December. Even with a slowdown from the prior month, June’s increase would be well above the average for the first five months of the year and more than sufficient to keep up with population growth. “What matters is the trend. We are making a lot of progress in reducing slack and unless the labor market weakens sharply, the Fed is on track to raise interest rates in September,” said Ryan Sweet, a senior economist at Moody’s Analytics in West Chester Pennsylvania. The jobless rate is forecast to fall one-tenth of a percentage point […]