HomeTop U.S. NewsU.S. Labor Market Adds More Jobs Than Expected, Unemployment Rate Highest Since...

U.S. Labor Market Adds More Jobs Than Expected, Unemployment Rate Highest Since 2021

The Bureau of Labor Statistics released its The Employment Situation report for June on Friday, revealing that the U.S. labor market added more jobs than expected. On the other hand, the unemployment rate surprisingly jumped to its highest level since November 2021.

Total nonfarm payroll employment increased by 206,000 last month compared to 218,000 in May. However, this is still slightly more than the gain of 200,000 expected by economists.

Despite missing the mark, the job gains for June are viewed in a positive light.

“The June rise in nonfarm payroll was slightly higher than expectations, but the big downward revisions to April and May are the story. The job market is slowing down.” Kathy Jones, chief fixed income strategist at financial services company Charles Schwab, shared on social media.

The unemployment rate in June is another sign that the job market is slowing down. After coming at 4% in May, the unemployment rate saw a slight uptick to 4.1% last month.

Experts predict that the Federal Reserve will take Friday’s report as another sign that the inflation is cooling off. This increases the chance of an interest rate cut in September, something that 75% of investors are now betting on according to the CME FedWatch Tool.

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