Overview
- Economy outpaced forecasts with 147,000 payroll additions in June, reducing the jobless rate from 4.2% to 4.1%.
- Average hourly earnings rose 0.2% month-over-month and 3.7% year-over-year, signaling a slowdown in wage acceleration.
- The labor force shrank by 130,000 in June, pushing participation down to 62.3% amid heightened immigration enforcement concerns.
- State government and health care added 47,000 and 39,000 jobs respectively, while federal government and manufacturing each cut 7,000 positions.
- ADP reported a net loss of 33,000 private-sector jobs in June, marking the first monthly decline since March 2023 and reflecting employer caution.