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<p class="has-drop-cap">Job growth in the US eased in June, as nonfarm payrolls (NFP) <a aria-label="grew by 209,000 (opens in a new tab)" href="https://www.bls.gov/news.release/empsit.nr0.htm" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">grew by 209,000</a>, marking the slowest monthly increase since December 2020. The report exposed a weakness in the US dollar, pushing the world’s reserve currency down by 0.25%.</p> 
<h3 id="us-unemployment-rate-fell-0-1-in-june">US Unemployment Rate Fell 0.1% in June</h3> 
<p>US nonfarm payrolls climbed by 209,000 in June, down from <a aria-label="339,000 in May (opens in a new tab)" href="https://www.cbc.ca/news/business/us-jobs-may-1.6863238" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">339,000 in May</a>, suggesting the red-hot labor market cooled. The numbers, published by the US Bureau of Labor Statistics, also came lower than market expectations of 225,000.</p> 
<p>While the reading is still strong from a historical standpoint, the report represents a notable drop compared to May data. June <a aria-label="marked the slowest month (opens in a new tab)" href="https://www.cnbc.com/2023/07/07/jobs-report-june-2023-.html" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">marked the slowest month</a> for job creation since payrolls declined by 268,000 in December 220,000.</p> 
<p>Meanwhile, the unemployment rate slipped to 3.6% from 3.7%, in line with expectations. Annual wage inflation remained unchanged at 4.4%, while analysts estimated a slight drop to 4.2%.</p> 
<p>The most robust job growth was seen in the government sector, which added 60,000 new positions in June, mainly at the state and local levels. Other sectors that added a significant number of jobs last month include health care (41,000), social assistance (24,000), and construction (23,000).</p> 
<p>The latest NFP report came a day after the most recent ADP National Employment Report, which showed that payrolls in the US private sector <a href="https://tokenist.com/us-labour-market-strong-despite-500-bps-interest-rate-hike-since-2022/" rel="dofollow" class="deco-link">skyrocketed by 497,000</a> in June, far ahead of the Dow Jones consensus estimate of 220,000.</p> 
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<h3 id="dollar-index-slips-0-25-after-nfp-data">Dollar Index Slips 0.25% after NFP Data</h3> 
<p>The U.S. dollar plunged following today’s NFP report, with the dollar index (DXY) falling about 0.25% to hit the lowest level in the last 10 days. The greenback edged lower after the US jobs data missed analyst expectations.</p> 
<p>Today’s dollar close will be closely watched as the DXY tests the 100-daily moving average support. The close below would likely invite more weakness for the world’s top currency.</p> 
<p>Still, investors will likely see today’s jobs report as strong enough for the Federal Reserve to restart its rate-hiking campaign. The central bank has delivered 500 basis points (bps) worth of interest rate increases over a year, bringing inflation down <a href="https://tokenist.com/us-annual-cpi-at-4-in-may-whats-next-for-the-fed/" rel="dofollow" class="deco-link">from 9.1% to 4%</a>. However, the annual inflation rate remains notably higher than the Fed’s target of 2%, which means that the May rate hike likely was not the last one this year, as some expected.</p> 
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<p><em><strong>Do you think the US job growth will continue to decline throughout 2023? Let us know in the comments below.</strong></em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/us-added-209000-jobs-in-june-lowest-since-december-2020/">US Added 209,000 Jobs in June, Lowest Since December 2020</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

US Added 209,000 Jobs in June, Lowest Since December 2020

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