US employers added fewer jobs in June than projected, illustrating a labour market that is gradually moderating, even as wage growth remained firm.
Nonfarm payrolls increased 209 000 after downward revisions in the prior two months, a Bureau of Labour Statistics report showed Friday. The unemployment rate fell to 3.6%.
| Metric | Actual | Median Estimate |
|---|---|---|
| Change in payrolls (MoM) | +209k | +230k |
| Unemployment rate | 3.6% | 3.6% |
| Average hourly earnings (MoM) | +0.4% | +0.3% |
The latest figures suggest the labour market is losing some steam as high interest rates and months of sluggish consumer spending feed into concerns about the economy’s prospects. Yet the job market remains sufficiently healthy — and wage gains brisk enough — likely keeping Federal Reserve policymakers on track to resume their series of rate hikes at their meeting later this month, following a pause in June.
Treasury yields declined and stock-index futures fluctuated after the figures.
Hiring was concentrated in a few sectors, led by health care, government and construction. Payrolls fell in retail trade and transportation and warehousing.
The increase in average hourly earnings followed similar gains in the prior two months, and was up 4.4% from a year earlier. The average workweek edged up.
© 2023 Bloomberg
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