June Jobs Report Falls Short of Expectations
Summary from the AllSides News Team
The rate of job growth in June failed to meet expectations, according to multiple sources.
The number of jobs expected in June varied between media sources, but all concur that roughly 102,000 jobs were added. This fell short of Wall Street's 135,000 jobs expected. Most sources also agreed that slower job growth numbers may lead to the Federal Reserve taking action by cutting interest rates at the end of July. It should be noted that as of Wednesday afternoon, very few left-leaning sources and few right-leaning sources have covered the matter — most of the news coverage came from outlets with a center rating.
Featured Coverage of this Story
From the Center
Jobs report could show a slowing trend and be the lever the Fed needs to cut rates
Ten years into the recovery, the economy’s ability to create new jobs may be slowing both because the U.S. is running out of workers, and also because the trade war may be worrying employers.
Economists expect to see 165,000 jobs were added in June, after a stunningly low 75,000 payrolls added in May, according to Dow Jones. But a soft ADP report Wednesday, with just 102,000 new private payrolls dampened expectations for the government’s June payroll report, which will be released Friday.
From the Left
U.S. Wage and Job Growth Are Slowing, New Report Warns
The U.S. labor market is showing further signs of a slowdown, according to new data from Glassdoor.
Job openings in the U.S. increased just 1.4% from the same period last year, according to the employment site’s June 2019 Job Market Report.
“The continued growth in jobs and pay seen in Glassdoor’s latest Job Market Report is a sign that the good times aren’t over yet. But after a decade-long recovery, today’s labor market is sluggish,” Glassdoor senior economist Daniel Zhao said in a statement.
From the Right
What job growth in June can reveal about a Fed rate cut in July
Slowing private payroll growth in June, an indicator of broader labor market performance, will play a key role in whether the Federal Reserve cuts interest rates later this month.
Non-government employers added 102,000 jobs, according to a Wednesday report from payroll-services provider ADP that economists view as a gauge of overall hiring. While a sharp rebound from gains of 41,000 in May, it's still well below the average of 224,000 for the first four months of 2019.
"The job market continues to throttle back," Mark Zandi, chief economist of Moody's...
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