finance
US Jobs Rose 57,000 in June While Unemployment Fell to 4.2 Percent
The US added far fewer jobs than forecast while the unemployment rate edged lower. Eurozone unemployment held at a record low. Central banks took different policy paths in June.
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US nonfarm payrolls increased by 57,000 in June, Euronews reported. The figure fell short of the 113,000 gain analysts had projected and marked a sharp slowdown from the 172,000 jobs added in May. The US unemployment rate declined to 4.2 percent in June from 4.3 percent in May.
Initial jobless claims stayed at 215,000 in the latest week, below the 218,000 level analysts expected. Continuing claims fell to 1.814 million, under the 1.820 million forecast. Eurozone unemployment remained at 6.2 percent in May, unchanged from the prior month and at a record low for the currency area, according to Eurostat data cited by Euronews.
The Federal Reserve kept interest rates unchanged in June. The European Central Bank raised rates in the same month. Iggy Ioppe, CIO at Theo, said the payrolls miss reads as a growth wobble and the knee-jerk is to price cuts back in.
He added that unemployment just fell to 4.2 percent, so a hawkish Fed has all the cover it needs to look through one soft payroll print.
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