U.S. employers added 209,000 new jobs in June, below economists’ expectations for the month, and the unemployment rate fell to 3.6 percent, according to the latest employment report from the U.S. Bureau of Labor Statistics. Most of the new jobs were reported in government, health care and construction.
Employment has grown by an average of 278,000 per month over the first 6 months of 2023, lower than the average of 399,000 per month in 2022. The labor market is showing signs of a slowdown but remains solid despite elevated, but waning, inflation as well as a historic spike in interest rates instituted by the Federal Reserve. Some economists believe a recession from higher interest rates is still on tap for some time later this year or in early 2024.
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