June Jobs Report Underperforms Expectations
The U.S. economy added 57,000 nonfarm payroll jobs in June, below the 110,000 that economists expected. The unemployment rate fell slightly from May’s 4.3 to 4.2 percent.
This month’s report follows May’s addition of 172,000 jobs and an upward revision of April’s report by 64,000 to 179,000.
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Labor-force participation decreased by 0.3 to 61.5 percent, the lowest since March 2021. According to the household data, the number of people not in the labor force grew by 832,000.
The establishment survey data saw positive job growth in social assistance, professional and business services, and healthcare. Leisure and hospitality jobs declined.
A steady job market provides room for the Federal Reserve to raise interest rates, which markets expect before the end of the year.
