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.

US job growth outpaced expectations in June, signaling continued strength in the labor market and diminishing the likelihood of an interest rate cut by the Federal Reserve later this month. The Labor Department reported Thursday that the US economy added 147,