U.S. Economy Adds 209K Jobs In June, Unemployment Falls To 3.6%

The U.S. added 210,000 jobs in November as the unemployment rate fell to 4.2%

The U.S. economy added 209,000 jobs in June, the smallest pickup in jobs since December 2020, signaling a slow but still strong labor market.

The unemployment rate fell slightly to 3.6 percent, according to a Bureau of Labor Statistics report released Friday.

The long and short of today’s report is: 30 straight months of job growth, and the unemployment rate dropped (even if just slightly). Since March 2022, the unemployment rate has hovered between 3.4 and 3.7 percent.

In June, average hourly earnings for all employees on private nonfarm payrolls rose to $33.58. Over the past 12 months, average hourly earnings have increased by 4.4 percent.

June’s job gains fell shy of economists’ predictions, indicating that the labor market is cooling down from its peak last year. But that’s what the folks at the Fed, who keep raising interest rates in order to avoid the economy hitting a recession, have been aiming for.

You can read the full report here.