Has US hiring started to cool?

Will a weak US jobs report change the Fed’s calculus for July?

US hiring is expected to have slowed in June, as economists bet that higher interest rates, slowing growth and a sharp pullback in stocks will have bitten into labour market growth.

The labour department is expected to report that the US added 275,000 jobs in June, according to a poll by Bloomberg, a step down from the 390,000 added in May. The unemployment rate is…