US jobs data: Hiring fell to just 57,000 in June, unemployment rate at 4.2% — Here’s what we know | Today’s news
US jobs data: According to an AP report today, the number of workers in the United States fell to just 57,000 in June as employers pulled back due to high inflation and global uncertainty. He added that the numbers suggest that businesses are cautious about the economy, noting that inflation is at a three-year high and consumer confidence is near post-pandemic lows.
The growth is “less than expected,” the AFP report said, adding that jobs data from the US government showed the unemployment rate fell to 4.2%.
“Both total nonfarm payroll employment (57,000) and the unemployment rate (4.2%) were little changed in June,” AFP said, citing a July 2 statement from the US Bureau of Labor Statistics.
U.S. hiring slump: Dropped to less than half since May
The AP report added that the 57,000 jobs added in June 2026 were less than half the total from the previous month (May) and indicated that companies remained cautious about the economic outlook.
US jobs data for June below expectations
In particular, economists in the publication expected June wages to grow at a strong pace, beating the gain seen in May, according to a Bloomberg report. They expected particularly strong recruitment in leisure and hospitality – largely due to activity from the FIFA World Cup; and a rapid increase in government employment, said Anna Wong, chief U.S. economist at Bloomberg Economics.
CIC economists Gabriel Corbassiere and Marie Birg said the release of US jobs data would be a “key event” for traders watching for signs that the economy is growing fast enough to support an interest rate hike by the Federal Reserve.
On July 1, Fed Chairman Kevin Warsh said that inflation risks had eased in recent weeks and added that he would lower the central bank’s 2% target. He also reiterated that the Fed would ensure price stability, prompting investors to price in a potential rate hike as early as this month.
(With input from agencies)
