The U.S. Bureau of Labor Statistics released its monthly jobs report Today, with economic reporters and observers noting its lackluster results.
"A disappointing jobs report," wrote Navy Federal Credit Union chief economist Heather Long on X.
According to the survey, both nonfarm payroll employment and unemployment rates barely changed. But the U.S. economy only added 57,000 jobs, well below the anticipated 115,000.
The hospitality employment rate declined by 61,000, compared to the 70,000 jobs added in May.
While the unemployment rate dropped to 4.2%, the lowest in a year, Long attributed this to fewer people actively job hunting rather than robust hiring. She added, "Wages aren’t keeping up with inflation," rising 3.5 percent versus the 4 percent price increases.
Industry analyst account The Kobeissi Letter noted, "The labor market remains in a volatile situation."
The New York Times reported the results were well below what Wall Street had been hoping for, but highlighted, "the American economy continues to stride past obstacles including the inflationary pressures of the war with Iran."
"The June jobs report reinforces that the American labor market remains solid thanks to President Trump’s economic agenda," White House spokesperson Kush Desai wrote on X.
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