US June Nonfarm Payrolls Rise 57,000, Missing 113,000 Estimate
US nonfarm payrolls increased by only 57,000 in June, falling well short of the 113,000 consensus estimate and down from a revised 172,000 in May, pointing to a cooling labor market.
The U.S. added just 57,000 nonfarm jobs in June, a sharp miss versus the 113,000 expected by economists. The previous month's reading was revised to 172,000.
This significant slowdown suggests the labor market is losing momentum. Weaker hiring could reinforce expectations that the Federal Reserve will need to cut interest rates sooner than previously anticipated.
Source: First Squawk