US hiring slowed sharply in June even as the unemployment rate fell, curbing some of the budding momentum in job growth this year.
Nonfarm payrolls increased 57,000 last month after downward revisions to the prior two months took some of the shine off recent blockbuster reports, Bureau of Labor Statistics data Thursday showed. The unemployment rate fell to 4.2% as labor force participation plunged.
The payroll figures, which were lower than all but one estimate in a Bloomberg survey, suggest the labor market still faces some challenges despite signs of strength in recent months. While consumer spending has been resilient in the face of the energy shock from the Iran war, Americans are pessimistic about high prices, which may also be keeping employers cautious about hiring.
While consumer spending has been resilient in the face of the energy shock from the Iran war, Americans are pessimistic about high prices, which may also be keeping employers cautious about hiring. https://t.co/vv5snctaBL
— Bloomberg (@business) July 2, 2026
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