Employers added 206,00 jobs last month and the unemployment rate edged higher to 4.1%.
The U.S. jobs market cooled in June but remains solid, raising the odds that the Federal Reserve will be able to curtail inflation without pushing the economy into a downward spiral.Nonfarm payrolls rose by 206,00 jobs last month, in line with analyst forecasts, and unemployment edged up to a still-low 4.1% from 3.4% in early 2023 — its lowest in decades, according to the Labor Department's Bureau of Labor Statistics data.
Economic growth has slowed sharply in response to the Fed pushing up its benchmark interest rate to the highest level since 2001. Gross domestic product — the total value of goods and services produced in the U.S. — fell to an annual rate of 1.6% in the first three months of the year, down from 3.4% in the fourth quarter of 2023. S&P Global Market Intelligence pegs GDP for the April through June period at 2.1%.
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