Job Report 57,000 New Hires, Expected 110,000 Indicating Slowing Economy

The U.S. economy added just 57,000 jobs in June, falling far below the projected 110,000 to 115,000 forecasts. The unemployment rate ticked down to 4.2%, though this was largely due to working-age adults leaving the labor force.The June jobs report highlighted a significant cooling in the labor market, accompanied by stark downward revisions for the prior two spring months. Key details from the U.S. Bureau of Labor Statistics.

Job Growth by Sector: Professional and business services, health care, and social assistance continued to trend upward. However, manufacturing, construction, and retail flatlined, while leisure and hospitality shed 61,000 jobs.

Downward Revisions: April and May job gains were revised downward by a combined 74,000 jobs.Unemployment Rate: Dropped to 4.2% from 4.3%.

https://www.cbsnews.com/news/june-jobs-report-57000-jobs-hiring-slows/