US job growth outpaced expectations in June, signaling continued strength in the labor market and diminishing the likelihood of an interest rate cut by the Federal Reserve later this month.
The Labor Department reported Thursday that the US economy added 147,000 jobs in June, beating the 110,000 gain forecast by economists surveyed by the Wall Street Journal.
The unemployment rate dipped to 4.1%, down from 4.2% in May.
The Labor Department reported Thursday that the US economy added 147,000 jobs in June, beating the 110,000 gain forecast by economists. Bloomberg via Getty Images
“Today’s jobs report was much better than expected, especially coming on the heels of a disappointing ADP employment report yesterday,” said Chris Zaccarelli, chief investment officer for Northlight Asset Management in Charlotte, NC.
“Given the strong jobs numbers along with the extension of tax cuts and potentially higher tariff levels (once the 90-day pause expires), the Fed