US employers still reluctant to add many jobs as hiring slows in June
6 hours ago
- #Job Market Slowdown
- #Economic Indicators
- #US Employment
- US job growth slowed in June with only 57,000 jobs added, less than half of May's total, indicating employer caution.
- Unemployment rate dipped to 4.2%, partly due to people leaving the workforce, and inflation remains high while consumer confidence is low.
- Restaurants, bars, and hotels cut 61,000 jobs despite World Cup events, reflecting consumer pullback, especially among lower-income households.
- Professional and business services added 36,000 jobs, including AI-related fields, while construction and manufacturing saw modest gains.
- Labor force participation fell to 61.5%, a five-year low, driven by retirements and fewer job seekers, even as wage growth trailed inflation.
- The Federal Reserve may keep rates steady as hiring softness eases inflation concerns, with markets reacting positively to the data.