finance
U.S. Added 57,000 Jobs in June While Unemployment Fell to 4.2 Percent
Nonfarm payrolls rose less than expected while the unemployment rate fell to 4.2 percent. Revisions to prior months showed slower growth than previously reported.
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The U.S. economy added 57,000 nonfarm payroll jobs in June on a seasonally adjusted basis, according to Bureau of Labor Statistics data reported by @DeItaone. The gain fell short of the Dow Jones consensus forecast of 115,000 and the Reuters poll expectation of 110,000.
May nonfarm payrolls were revised downward by 43,000 and April payrolls were revised downward by 31,000 to 148,000. The unemployment rate declined to 4.2 percent in June from 4.3 percent in May. The labor force participation rate fell 0.3 percentage points to 61.5 percent, the lowest level since March 2021.
Household employment dropped by 507,000. A broader measure of unemployment that includes discouraged workers and part-time workers for economic reasons declined 0.2 percentage points to 7.9 percent. Average hourly earnings rose 0.3 percent in June and 3.5 percent over the past year.
Professional and business services added 36,000 jobs, social assistance added 25,000 jobs and healthcare employment rose by 22,000. Leisure and hospitality lost 61,000 jobs due to slower-than-usual seasonal hiring. Initial jobless claims totaled 215,000 for the week ended June 27, down 1,000 from the prior week.
The report was released on Thursday, one day early because of the July 4 holiday. Stock market futures rose and the 2-year Treasury yield fell 3.5 basis points to 4.13 percent after the data. Markets had priced in a 50.7 percent chance of a Federal Reserve rate hike in September before the release.
