US hiring cools in June, unemployment up slightly — gov’t
A “Now Hiring” sign is seen at a FedEx location on Broadway on June 07, 2024 in New York City. (Photo by Michael M. Santiago / GETTY IMAGES NORTH AMERICA / Getty Images via AFP)
Washington, United States — US job gains eased slightly in June while unemployment edged up, government data showed Friday, in the latest sign that the world’s biggest economy is cooling as policymakers hope.
The country added 206,000 jobs last month, said the Labor Department, marking a slower pace of hiring than May’s revised 218,000 figure.
But the gains still beat a Briefing.com consensus estimate of 185,000, signaling that the labor market is still relatively resilient.
READ: US private hiring eases unexpectedly in June — ADP
The jobless rate ticked up from 4.0 percent to 4.1 percent.
The report comes on the back of slowing activity in the manufacturing and services sectors, alongside easing inflation.
While there is still some way to go, these indicators could give the US central bank more confidence to shift towards interest rate cuts — after holding rates at a high level in recent months.
Average hourly earnings rose by 0.3 percent on-month, and by 3.9 percent from a year prior.
But even as wage gains have outpaced consumer price inflation in recent times, this has not translated to rosy sentiment over the broader economy, adding to President Joe Biden’s challenges in convincing the public of his economic policies.
