Jobs Report Shows Slower But Steady Hiring In June

The US economy added 57,000 jobs in June and the unemployment rate fell from 4.3% to 4.2%.

The Report: The Bureau of Labor Statistics report on Thursday showed a steady pace for added employment, while still being under the estimate made by economists. The report also showed revisions for the last two months, with April being revised from 179,000 to 148,000, and May being revised from 172,000 to 129,000.

Far Below Inflation: Outlets on the left like NBC News (Lean Left bias) tended to highlight a portion of the report showing hourly earnings increasing by 3.5%, mentioning however that this remains "far below the most recent inflation reading of 4.2%." The NBC article also mentioned that June "was the lightest month of hiring since February."

Stride Past Obstacles: The New York Times (Lean Left) said the "American economy continues to stride past obstacles including the inflationary pressures of the war with Iran." Fox Business (Lean Right) also mentioned that the economy added jobs at a steady rate "despite headwinds caused by elevated inflation and uncertainty over the Iran war's economic impact."

Interest Rate Cuts: Fox Business asked what the report means for interest rate cuts, and according to the article, interest rates are expected to hold steady in the near term "due to stubborn inflation remaining elevated above the central bank's 2% target." The article mentioned, however, that "the market sees a strong possibility of rate hikes later this year."   

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