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3w ago

U.S. Adds 147,000 Jobs in June as Unemployment Dips to 4.1%

The Federal Reserve has delayed cutting interest rates to gauge the impact of expiring tariffs on a labor market showing moderating gains.

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The Federal Reserve building is seen before the Federal Reserve board is expected to signal plans to raise interest rates in March as it focuses on fighting inflation in Washington, U.S., January 26, 2022. REUTERS/Joshua Roberts/File Photo
People wait in a line outside a newly reopened career center for in-person appointments in Louisville, Kentucky, U.S., April 15, 2021. REUTERS/Amira Karaoud/File Photo

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.