The US economy added more jobs than expected in June, but the unemployment rate rose to 4.1%, according to the latest data from the Bureau of Labor Statistics. The report suggests that the labor market remains strong but is gradually easing. Wall Street had hoped for a “Goldilocks” number, showing a slow and steady decline in monthly job gains.ICYMI: The @BLS_gov #JobsReport for June showed continued low unemployment and job gains across a variety of industries. 📈 Here are some highlights. pic.twitter.com/WkxcUHIgYH
— U.S. Department of Labor (@USDOL) July 8, 2024
A dramatic increase in jobs could have prompted the Federal Reserve to reconsider cutting rates, while a significant decrease might have indicated a worrying weakness in the labor market. US markets remained mostly unchanged but slightly higher on Friday afternoon following the employment snapshot. Economists note that while the labor market is still strong, it is normalizing after a period of rapid growth over the past few years.ICYMI: The economy added another 206,000 jobs in June. Employment continued to trend up in several industries. 📈 https://t.co/iFGR6uizeK #JobsReport pic.twitter.com/fxkD6SZvBH
— U.S. Department of Labor (@USDOL) July 7, 2024
Federal Reserve officials have been aiming for a better-balanced labor market after the pandemic, which had created a hot labor market with high job openings and ultra-low unemployment rates, leading to wage increases and high inflation. The Fed responded by raising interest rates. The June jobs report showed the unemployment rate rose to 4.1%, the highest since November 2021.Great News: The U.S. economy added 206,000 jobs in June!
— Congresswoman Jennifer McClellan (@RepMcClellan) July 9, 2024
That means over 15 million jobs have been created under @POTUS and @VP’s leadership.
I’m working with @HouseDemocrats to grow our economy from the middle out and bottom up. https://t.co/m88R4pE11W
Read: Case for September Rate Cut Builds After Slower Jobs Data (via @WSJ) https://t.co/HhiG1af6eJ
— Illinois Manufacturers' Association (IMA) (@IMA_Today) July 8, 2024