US Jobs Report Misses Forecasts in June
The US added only 57,000 jobs in June. That is far below the 115,000 jobs that experts expected.
The unemployment rate fell from 4.3% to 4.2% in June. But that drop came from fewer people looking for work.
Household employment actually fell by 507,000. So the lower unemployment rate does not mean more people got jobs.
Job figures for April and May were also revised down. April lost 31,000 jobs from its count and May lost 43,000.
That means 74,000 fewer jobs than first reported across those two months. Leisure and hospitality lost 61,000 jobs in June.
The Labor Department linked this to weaker seasonal hiring. World Cup effects may have played a role. Overall the report shows job growth is slowing.
Klear Note — Job reports come out monthly and show US economic health. When job growth slows, it can signal a weaker economy ahead.
Key Terms 4
- Nonfarm payrolls Count of US jobs added outside of farming each month
- Labor force participation Share of adults who are working or actively seeking work
- Revised downward Earlier job numbers were recounted and found to be lower
- Leisure and hospitality Jobs in hotels, restaurants, tourism and entertainment