The U.S. payroll growth sharply slowed in June, adding only 57,000 jobs, which is significantly below the expected 110,000 and May's revised gain of 129,000:
- The job number stands at 57,000, significantly lower than May's 129,000.
- The unemployment rate edged down to 4.2%, slightly better than forecasts.
- Weaker labor data could cool expectations for aggressive Federal Reserve rate hikes.
In June, the U.S. added 57,000 jobs according to the government's report. This is lower than the 110,000 forecasted by economists and significantly below the revised 129,000 gain for May.
The unemployment rate came in at 4.2% versus an expected 4.3% and May's 4.3%.
These data points could influence market expectations regarding the likelihood of Federal Reserve rate hikes.
