Weak U.S. labor market lowers odds of two Fed rate hikes: LPL economist

LPL Financial Chief Economist Jeffrey Roach said broad weakness in the U.S. labor market, reflected in the nonfarm payrolls report, is reducing the likelihood that the Federal Reserve will raise interest rates twice. Roach added that diverging trends are emerging between goods-producing sectors benefiting from the AI boom and service industries facing the impact of technological change.