U.S. adds only 57,000 jobs in June as wage growth trails inflation for third month
By
Steve Kopack
Summary
The U.S. economy added only 57,000 jobs in June 2024, marking the weakest hiring month since February and signaling potential labor market instability. Wage growth rose 3.5% year-over-year but remains below the 4.2% inflation rate for the third straight month, meaning workers are losing purchasing power. The unemployment rate edged down slightly to 4.2%, but prior months' job figures were revised significantly lower — April down by 31,000 and May by 43,000 — painting a bleaker picture of the labor market than initially reported.
Source
bskyU.S. adds only 57,000 jobs in June as wage growth trails inflation for third monthnbcnews.toKey quotes
· 5 pulledThe U.S. economy added just 57,000 jobs in June, a worrying sign for labor market stability as wage growth tracked below inflation for a third consecutive month.
Average hourly earnings increased by 3.5%, which remains far below the most recent inflation reading of 4.2%.
June's total was the lightest month of hiring since February, when the labor market contracted.
Hiring in April was cut by 31,000 and May was revised down by 43,000.
Revisions are a normal part of the data
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