U.S. adds 57,000 jobs in June, sharply missing expectations; unemployment falls to 4.2% as labor force participation drops
By
Jeff Cox
Summary
The U.S. economy added only 57,000 jobs in June 2024, significantly below the expected 115,000 and the downwardly revised 129,000 in May. The unemployment rate unexpectedly dropped to 4.2%, but this was largely due to a decline in the labor force participation rate, which fell to 61.5%. The report signals a sharp cooling in the labor market heading into summer.
Source
bskyU.S. adds 57,000 jobs in June, sharply missing expectations; unemployment falls to 4.2% as labor force participation dropscnbc.comKey quotes
· 3 pulledNonfarm payrolls for June increased by a seasonally adjusted 57,000 for the month, slower than the downwardly revised 129,000 added in May and worse than the 115,000 Dow Jones consensus forecast.
The unemployment rate, however, dropped to 4.2%, and slightly ahead of the 4.1% where it was a year ago.
The move lower was largely due to a slump in the labor force participation rate, which dropped 0.3 percentage point to 61.5%.
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