US payrolls rise just 57,000 in June as jobless rate holds at 4.2%
US employers added just 57,000 jobs in June, far below forecasts, while the unemployment rate held at 4.2%. The soft report cooled expectations of a Federal Reserve rate hike and helped push the Dow to a record close as hiring momentum fades.
The US economy added 57,000 nonfarm jobs in June, the Labor Department reported, well short of the roughly 100,000 economists had expected. The unemployment rate was little changed at 4.2%, but the slowdown in hiring pointed to a labor market losing steam after several years of strong gains.
Investors read the weak report as reducing the likelihood of a near-term interest-rate increase by the Federal Reserve, and Wall Street rallied. The Dow Jones Industrial Average closed at a record, even as chip stocks slipped. Wage growth remained moderate, easing some concerns about inflation pressure.
Analysts cautioned that hiring has cooled across hospitality, manufacturing and retail, with some firms citing tariff uncertainty and higher borrowing costs. Attention now turns to upcoming inflation data and the Federal Reserve's next policy meeting, where officials will weigh whether the softer jobs picture warrants a change in stance.
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