Economists surveyed by Dow Jones had expected nonfarm payrolls to rise by 165,000 after and the unemployment rate to hold steady at 3.6%. May’s initially reported growth of 75,000 had raised doubts about the durability of the record-setting expansion that began a decade ago. The May count was revised lower to 72,000.
Federal Reserve policymakers have been watching the jobs numbers closely. Markets have been widely anticipating that the central bank will cut its benchmark interest rate later this month, regardless of what the June payrolls report showed.
Economists surveyed by Dow Jones had expected nonfarm payrolls to rise by 165,000 after and the unemployment rate to hold steady at 3.6%. May’s initially reported growth of 75,000 had raised doubts about the durability of the record-setting expansion that began a decade ago. The May count was revised lower to 72,000.
However, some Fed officials insist they can continue to watch the economic data before acting. Manufacturing activity of late has been showing signs of contracting as corporate executives complain of increased prices due to tariffs the U.S. has imposed against its trading partners.