US June Nonfarm Payrolls Rise 57,000, Well Below Forecast
JOON HYOUNG LEE
Summary
- The US Labor Department said June nonfarm payrolls increased by 57,000, well below market expectations.
- The June unemployment rate was 4.2%, 0.1 percentage point below both economists' forecast and the May reading.
- June average hourly earnings rose 3.5% from a year earlier and 0.3% from a month earlier, matching forecasts.
Forecast Trend Report by Period
US job growth fell well short of market expectations in June.
The Labor Department said July 2 that nonfarm payrolls increased by 57,000 from a month earlier. That was 57,000 fewer than the market forecast of 114,000 and 72,000 below the revised May figure of 129,000.
The unemployment rate fell to 4.2% in June, 0.1 percentage point below economists' forecast of 4.3%. It was also down 0.1 percentage point from 4.3% in May.
Average hourly earnings rose 3.5% from a year earlier in June, matching forecasts.
On a monthly basis, average hourly earnings increased 0.3%, in line with expectations. The measure is a gauge of wage inflation.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul