US Job Growth Slows Significantly in June as Payrolls Miss Expectations
| Pair | Now | Since publish |
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| EURUSD | — | — |
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- US nonfarm payrolls rose by 57,000 in June, missing forecasts.
- Unemployment rate fell to 4.2% due to lower labor force participation.
- Prior months’ payrolls were revised down by a total of 74,000.
The U.S. labor market experienced a notable slowdown in June, with nonfarm payrolls increasing by only 57,000, significantly below the consensus forecast of approximately 110,000-115,000 new jobs. This figure also represents a sharp decline from the downwardly revised 129,000 jobs added in May. Furthermore, the Bureau of Labor Statistics revised total payrolls for the prior two months down by 74,000. While the unemployment rate edged down to 4.2% from 4.3%, this improvement was largely attributed to a 0.3 percentage point drop in the labor force participation rate to 61.5%, its lowest level since March 2021, as 720,000 individuals exited the labor force. Despite the cooling in job creation, average hourly earnings remained steady, increasing by 0.3% month-over-month and 3.5% year-over-year, aligning with expectations.