finance
U.S. Payrolls Rose 57,000 in June While Unemployment Fell to 4.2 Percent
The June jobs report showed slower hiring than expected, with April and May figures revised lower by a combined 74,000 positions. Unemployment fell to 4.2 percent while labor force participation declined to 61.5 percent.
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U.S. nonfarm payrolls increased by 57,000 in June, Fortune reported. April and May payroll numbers were revised downward by a combined 74,000 jobs. The unemployment rate fell to 4.2 percent. Labor force participation dropped to 61.5 percent, leaving 105.8 million Americans outside the labor force.
An additional 2.5 million people have left the labor force since last year, according to LPL Financial Chief Economist Jeffrey Roach. Wage growth reached 3.5 percent year over year. Leisure and hospitality lost 61,000 jobs.
Hours worked remain below pre-pandemic levels. The June payroll increase marked the weakest reading since February, Fortune reported. ” Janus Henderson Investors’ Bradford Smith said the softer labor backdrop combined with moderating oil-price inflation likely leaves the Federal Reserve on hold for its next meeting.
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