The US labor market cooled off in June, adding just 209,000 jobs

The US job market finally cooled off in June, adding just 209,000 jobs, the Bureau of Labor Statistics reported Friday.

June’s total was lower than May’s unexpectedly strong showing of 306,000, and below economists’ expectations for a net gain of 225,000 jobs.

It’s the lowest monthly gain since a decline in December 2020.

The unemployment rate ticked down to 3.6% from 3.7% the month before, according to the report.

US employers have now added jobs for 30 consecutive months.

While the Federal Reserve has tried to cool the economy with 10 consecutive rate hikes, the labor market remains impervious to those efforts.