US jobs growth in June beats expectations

In June, US employers added 206,000 jobs, surpassing expectations of 190,000. However, the unemployment rate increased to 4.1%, and wage growth rose at its slowest pace in three years. Despite the mixed signals, analysts believe these figures could push the Federal Reserve closer to cutting interest rates later this year.

In June, wage growth rose at its slowest pace in three years. Average hourly earnings increased from $33.70 in June 2023 to $35.00, a 3.9% increase, which was lower than the year-over-year rate in May of 4.1%.