US job growth slows in June; hospitality sheds roles despite World Cup
Summary
The US economy added 57,000 jobs in June, showing slower growth compared to previous months. Some sectors like healthcare and professional services added jobs, while leisure and hospitality lost jobs despite expected gains from World Cup tourism.Key Facts
- The US added 57,000 jobs in June, less than expected.
- May and April job numbers were revised downward by 43,000 combined.
- Healthcare, social assistance, and professional/business services saw job increases.
- Leisure and hospitality lost 61,000 jobs in June, missing expected gains from World Cup tourism.
- Unemployment rate fell slightly from 4.3% to 4.2%.
- Broader unemployment measure (U-6) dropped from 8.1% to 7.9%.
- Labor force participation rate fell to 61.5%, the lowest since March 2021.
- Stock markets went up after the report, and gold prices rose due to expectations that interest rates might stay the same.
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