US job growth slows in June; hospitality removes titles even World Cup | Business and Financial Issues

The labor force participation rate was the lowest since March 2021, reaching 61.5 percent in June.

The U.S. economy added 57,000 jobs in June, marking a slowdown after several months of positive growth.

Fewer-than-expected numbers were released Thursday in the US Labor Department’s Bureau of Labor Statistics (BLS) monthly report.

The report revised the numbers for the previous two months. May jobs report: 129,000, down from 172,000 previously reported, and April was down 31,000 jobs to 148,000 jobs.

June job gains were solid in several sectors. Professional and business services added 36,000 jobs; health care added 22,000, and social assistance added 25,000 jobs.

Other sectors, including mining, oil and gas; construction; to make; retail sales; retail sales; transportation and storage; and economic activities, he remained there.

The leisure and hospitality industry lost 61,000 jobs during the usually busy summer season in the US, which may be expected to be boosted by the increase in population. World Cup-driven tourism. Goldman Sachs predicted that the competition would have added 40,000 jobs in June.

The unemployment rate fell by 0.1 percent, from 4.3 percent to 4.2 percent. The broader U-6 unemployment rate, which includes discouraged workers, part-time workers, and those working part-time because they cannot find a full-time job, fell from 8.1 percent to 7.9 percent.

Slow growth

However, labor force participation fell by 0.3 percentage points to 61.5 percent, the lowest level since March 2021.

The latest numbers follow other economic reports this week showing a steady US labor market. ADP’s private payrolls report showed 98,000 jobs were added in the month, as the US Labor Department’s employment and return of workers in the United States, which tracks the number of people who quit and take jobs, did not change, meaning that people who have jobs are not leaving to go to new ones.

“The pace of hiring tells the story of both demand and demand. We know it’s taking longer for people to find jobs, but there are also signs of labor problems in some industries,” said Nela Richardson, chief economist at ADP, in a release.

“Right now, the overall effect is to reduce job creation.”

Americans are discouraged from looking for work. On Tuesday, the Conference Board’s survey of consumer confidence showed that the share of people who say jobs are “hard to find” jumped 22.5 percent.

US markets are heading higher despite a weaker-than-expected jobs report. Both the Nasdaq and the S&P 500 jumped 0.6 percent since the market opened, and the Dow rose 0.8 percent.

Gold, often seen as a safe-haven asset in times of financial crisis, jumped 2 percent on the heels of the report as it indicated the US Federal Reserve may not raise interest rates anytime soon.