The US labor market added more jobs than expected in June, while the unemployment rate unexpectedly rose, reaching its highest level since November 2021, indicating a continued cooling in the job market.
Data from the Bureau of Labor Statistics (BLS) released on Friday showed that the US economy added 206,000 nonfarm payroll jobs in June, surpassing the 190,000 expected by economists.
The unemployment rate increased to 4.1%, up from 4% the previous month, marking the highest reading in nearly three years. June's job additions were slightly lower than May's, with revised figures showing 218,000 jobs added in May, down from the initially reported 272,000.
Following the report, stock futures turned higher, adding to gains after the market reached record highs earlier this week. This rise was amid a series of softer-than-expected economic data, including inflation readings suggesting the US is moving toward a "disinflationary path," according to Federal Reserve C ...
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