U.S. job growth disappointed last month, and the data is likely to push back market expectations of a Federal Reserve rate hike as soon as this summer or early fall.
The United States added 57,000 jobs in June, according to the government’s Nonfarm Payrolls Report released Thursday morning. That’s less than the 110,000 forecast by economists and significantly below May’s increase of 129,000 (revised from the 172,000 originally reported).
The unemployment rate reached 4.2% compared to the expected 4.3% and 4.3% in May. The drop in the EU rate, even as hiring slowed, was because the labor force participation rate fell from 61.8% to 61.5%.
Well ahead of the report, bitcoin it remained above $61,000, up 4% in the last 24 hours.
US stocks are liking the data: Nasdaq 100 futures rose 0.7% from about a stable level before the report. The 10-year Treasury yield has fallen four basis points to 4.46%
