U.S. employers pulled back on hiring in June
Summary
U.S. employers added only 57,000 jobs in June, much fewer than the previous month. The unemployment rate dropped slightly to 4.2%, partly because some unemployed people stopped looking for work and were no longer counted.Key Facts
- U.S. employers hired 57,000 new workers in June.
- This number is less than half of May’s job growth.
- The unemployment rate fell from 4.3% in May to 4.2% in June.
- The drop in unemployment is partly due to people giving up job searches.
- Inflation is at its highest in three years.
- Consumer confidence remains low since the pandemic.
- The job market has many workers keeping jobs but low hiring for unemployed people.
- Recent strong hiring in spring did not continue into June.
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