US adds just 57K jobs in June, falling short of expectations
Key takeaways
- American employers added just 57,000 jobs in June and the unemployment rate ticked slightly down to 4.2 percent.
- The labor force participation rate also declined by 0.3 percentage points in June, which often reflects fading confidence among jobseekers.
- Overall, this report shows a job market that is a bit shakier than the May data had indicated, but inflation still remains too high, said Mike Fratantoni, chief economist for the Mortgage Bankers Association.
Why this matters: political developments that affect policy direction and public trust.
American employers added just 57,000 jobs in June and the unemployment rate ticked slightly down to 4.2 percent. Economists expected the U.S. to add roughly 110,000 jobs and for the jobless rate to stay stable at 4.3 percent, according to consensus estimates.
The labor force participation rate also declined by 0.3 percentage points in June, which often reflects fading confidence among jobseekers. BLS additionally shaved 74,000 jobs off of the April and May employment gains.
Overall, this report shows a job market that is a bit shakier than the May data had indicated, but inflation still remains too high, said Mike Fratantoni, chief economist for the Mortgage Bankers Association.