Overview

• The U.S. economy added 147,000 jobs in June, exceeding forecasts of roughly 110,000 and lowering unemployment to 4.1%.
• Nearly half of the payroll increase came from government roles, driven by a 63,000-job seasonal boost in state and local education.
• Private-sector payrolls rose by just 74,000, missing expectations and highlighting weakness outside healthcare and education.
• Native-born employment surged by 830,000 even as foreign-born employment fell by 348,000, signaling a realignment in labor supply.
• The strong headline data lifted the S&P 500 and Nasdaq to record highs while leaving the Federal Reserve uncertain about timing for rate cuts.