206,000! US non-farm payrolls sharply fell in June, with the unemployment rate rising to 4.1%, hitting the highest level in two and a half years
The US non-farm payrolls increased by 206,000 in June, significantly exceeding the expected 190,000, but still a significant decrease from the previous value of 272,000. The total number of new jobs added in April and May was revised down by 111,000 compared to the previous estimate
On the evening of July 5th, the U.S. Department of Labor released data showing that the U.S. added 206,000 non-farm jobs in June, significantly exceeding the expected 190,000, but still a significant decrease from the previous 272,000.
The April non-farm job additions were revised down from 165,000 to 108,000; the May non-farm job additions were revised down from 272,000 to 218,000. After the revisions, the total non-farm job additions for April and May decreased by 111,000 from the pre-revision numbers.
The unemployment rate rose to 4.1% in June, higher than the expected and previous value of 4%, reaching the highest level since November 2021.
Average hourly wages in June rose by 0.3% month-on-month, meeting expectations but slightly lower than the previous 0.4%; the year-on-year growth rate was 3.9%, in line with expectations, falling below 4% for the first time since 2021.
Meanwhile, the labor participation rate in June increased slightly from 62.5% in May to 62.6%, reversing the previous downward trend.
The unexpected rise in the unemployment rate boosted expectations of a Fed rate cut. After the data was released, U.S. stock index futures rose in the short term.
Nasdaq futures rose by 0.31%, S&P 500 futures rose by 0.15%, and Dow futures rose by 0.13%; U.S. Treasury yields declined, with the 30-year bond yield falling by over 6 basis points to 4.468%, and the 10-year bond yield falling by over 7 basis points to 1.292%. The U.S. dollar index fell in the short term, dropping by 0.27% intraday