US hiring falls short of expectations: June added just 209,000 jobs, the smallest increase since 2020
The US economy added 209,000 jobs in June, marking another month-on-month job increase but the smallest increase since late 2020.
The jobs report comes as market observers watch the Fed to see if and when it will return to a series of rate hikes designed to contain inflation amid high employment.
The Bureau of Labor Statistics figures fell short of the estimated 230,000, while the unemployment rate fell from 3.7 percent to 3.6 percent. That is almost the lowest level in 50 years.
It shows that hiring in the US is cooling down after a recovery from job losses during the COVID pandemic.
Job growth figures in June were the lowest since the end of last year, but represented another increase
The news came a day after Federal Reserve officials signaled a return to rate hikes amid the strong job market.
That caused a drop in the financial markets on Thursday. The Fed raised a base rate by a total of 5 percentage points, with a series of 10 rate hikes that began last March.
The economic news comes as President Biden again pitches his economic plans and berates Republicans for opposing “Bidenomics.”
He is preparing to go to Britain and attend a NATO summit in Vilnius next week.
The US added just 209,000 jobs in June, the smallest increase since late 2020