Headline Roundup • July 7th, 2023
June 2023 Jobs Report Shows Hiring Ease
Summary from the AllSides News Team
According to the Labor Department jobs report, hiring eased slightly in June as employers added 209,000 jobs, compared to 306,000 jobs in May. The unemployment rate fell from 3.7% to 3.6%.
Key Details: The Federal Reserve is projecting more rate increases in 2023, since economic activity and inflation have not slowed as much as they expected. Employers in hospitality, leisure, and local government are still staffing, however, and returning to pre-pandemic levels.
Key Quote: “The job market has been surprisingly strong in 2023,” said Bill Adams, chief economist for Comerica Bank. “People who have lost jobs in tech or real estate have been able to find new jobs very quickly in industries that are still short-handed.”
For Context: Many economists had been forecasting that the Federal Reserve's rate increases would cause a recession by June, and that hiring would ease.
How the Media Covered it: Sources on the left reported that the labor market has been unaffected by rate hikes. Sources on the right noted that the labor market slowdown has occurred while the Federal Reserve has tightened its monetary policy.
Featured Coverage of this Story
JON AUSTRIA/ZUMA PRESS
Hiring eased slightly in June, as employers added 209,000 jobs, the Labor Department said Friday. The unemployment rate fell to 3.6%.
Economists surveyed by The Wall Street Journal estimated U.S. employers added 240,000 jobs in June and that the unemployment rate ticked down to a historically low 3.6%.
Companies adding workers and raising wages keep upward pressure on inflation, which complicates the Federal Reserve’s efforts to weaken price pressures by slowing the economy through higher interest rates.
“The job market has been surprisingly strong in 2023,” said Bill Adams, chief economist for...
The economy added 209,000 jobs in June, the Bureau of Labor Statistics reported Friday, reflecting a slowdown in the labor market as the Federal Reserve tightens its monetary policy.
The unemployment rate fell slightly to 3.6%, still a very low figure historically.
Friday’s report is being closely scrutinized as it comes against the backdrop of several major economic stories — such as the Fed’s tightening, uncertainty in the housing market, fears of a recession, and lingering concerns about the banking system following the collapse of Silicon Valley Bank.
A weaker jobs report indicates that the Fed’s...
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...
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