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The US added 209,000 jobs in June, fewer than economists’ 240,000 forecast, hinting at a possible economic cooldown, the Labor Department reported. With the Federal Reserve recently suspending its rigorous rate hikes, this deceleration might provide additional time for economic health assessment. Despite swift rate hikes, inflation still exceeds the Fed’s 2% target.
Meanwhile, unemployment slipped to 3.6%. New jobs emerged mostly in government, healthcare, social assistance, and construction sectors. Despite job growth deceleration, average hourly earnings rose by 0.4% in June, a 4.4% annual increase.
