BUSINESSBATON ROUGE BUSINESS REPORT
US hiring slows in what economists are calling a ‘low-momentum’ labor market
The U.S. economy added 57,000 jobs in June, far below the 115,000 expected, with revised April and May figures showing 74,000 fewer jobs. The unemployment rate dropped to 4.2% as 720,000 people exited the labor force. Hiring trends varied by sector, with professional and business services gaining jobs and leisure and hospitality losing 61,000. Wage growth (3.5% year-over-year) lags behind inflation, and unemployment remains higher for African Americans and workers under 25.
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Adjacent reporting
- US economy adds jobs at slower pace with 57,000 jobs added in June, unemployment rate dips
- US employers added just 57,000 new jobs in June, lower than expected
- US employers pull back on hiring in June amid elevated inflation, global turmoil
- U.S. economy added 57,000 jobs in June, less than expected; unemployment rate at 4.2%
- US economy undershoots forecasts with 57,000 jobs added in June
- Economy disappoints with half as many jobs created in June, and May and April gains revised downward