U.S. adds 57,000 jobs in June, well below expectations; unemployment rises to 4.2%
By
Jeff Cox
Summary
The U.S. economy added 57,000 jobs in June 2024, significantly below the expected 115,000. The unemployment rate rose to 4.2% (from a projected 4.3%). The labor force participation rate dropped to 61.5%, the lowest since March 2021, with 507,000 fewer people reported at work. Prior months also saw substantial downward revisions: May's figure was cut by 43,000 and April's by 31,000. A broader unemployment measure fell to 7.9%.
Source
bskyU.S. adds 57,000 jobs in June, well below expectations; unemployment rises to 4.2%cnbc.comKey quotes
· 4 pulledThe move lower was largely due to a slump in the labor force participation rate, which dropped 0.3 percentage point to 61.5%, the lowest since March 2021.
Household employment plummeted during the month, with 507,000 fewer people reported at work.
A broader unemployment measure that includes discouraged workers and those holding part-time jobs for economic reasons declined by 0.2 percentage point to 7.9%.
Prior months also saw significant downward revisions — the May total, which had been much stronger than economists had anticipated, was cut by 43,000, while April's figure came down 31,000.
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