The latest employment report from the Bureau of Labor Statistics (BLS) reveals that the U.S. added 209,000 jobs in June, falling slightly short of expectations for 230,000. This figure also represents a decrease from the revised 306,000 jobs added in May, which was initially reported as 339,000.
On a positive note, the unemployment rate decreased to 3.6% in June compared to 3.7% in May, beating expectations for 3.7%. Following the release of the report, the price of bitcoin experienced a modest increase to $30,250. It is worth mentioning that the report marks the end of a 14-month streak of surpassing expectations.
The labor force participation rate remained steady at 62.6%, and average hourly earnings rose 0.4% in June, exceeding estimates for 0.3%. Year-over-year, average hourly earnings increased by 4.4%, matching May's figures and surpassing estimates for 4.2%.
Additionally, revisions subtracted 110,000 jobs from the April and May reports due to downward adjustments.
The employment report is significant as it is the last one before the Federal Reserve's interest rate policy meeting in late July, where markets previously anticipated a resumption of rate hikes.
The Federal Reserve aims to bring inflation under control, and while the rate of inflation, as measured by the Consumer Price Index (CPI), has decreased from its peak in 2022, it remains above the target of 2%.
Core CPI, which excludes volatile food and energy costs, has also experienced a modest decline from its peak in 2022.
The central bank believes that a slower employment picture is necessary to address inflation, but it is yet to be determined if the softer payroll numbers indicate the beginning of a trend community.
On a positive note, the unemployment rate decreased to 3.6% in June compared to 3.7% in May, beating expectations for 3.7%. Following the release of the report, the price of bitcoin experienced a modest increase to $30,250. It is worth mentioning that the report marks the end of a 14-month streak of surpassing expectations.
The labor force participation rate remained steady at 62.6%, and average hourly earnings rose 0.4% in June, exceeding estimates for 0.3%. Year-over-year, average hourly earnings increased by 4.4%, matching May's figures and surpassing estimates for 4.2%.
Additionally, revisions subtracted 110,000 jobs from the April and May reports due to downward adjustments.
The employment report is significant as it is the last one before the Federal Reserve's interest rate policy meeting in late July, where markets previously anticipated a resumption of rate hikes.
The Federal Reserve aims to bring inflation under control, and while the rate of inflation, as measured by the Consumer Price Index (CPI), has decreased from its peak in 2022, it remains above the target of 2%.
Core CPI, which excludes volatile food and energy costs, has also experienced a modest decline from its peak in 2022.
The central bank believes that a slower employment picture is necessary to address inflation, but it is yet to be determined if the softer payroll numbers indicate the beginning of a trend community.
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