US employers added 57,000 new jobs in June – less than what economists predicted
Summary
US employers added 57,000 new jobs in June, which is about half of what economists expected. The unemployment rate fell slightly to 4.2%, but many people left the labor force. Job growth has slowed, but overall the job market remains stronger than in late 2023.Key Facts
- In June, 57,000 new jobs were added, less than the predicted number.
- The unemployment rate decreased slightly to 4.2%.
- The Bureau of Labor Statistics revised job growth for April and May down by a total of 74,000 jobs.
- Private employers added 98,000 jobs in June, with average pay rising 4.4% year-over-year.
- The healthcare industry added 22,000 jobs in June, slower than usual.
- Hospitality and leisure jobs fell by 61,000, a decline related to weaker seasonal hiring.
- The number of job openings, hires, and voluntary quits changed little, showing slow hiring and firing trends.
- Inflation rose to 4.2% in May, influenced by the Middle East war, and the Federal Reserve may raise interest rates again to control inflation.
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