US Economy Adds 208,000 New Jobs, Unemployment Rate Ticks Up to 4.1 Percent

The U.S. economy created a higher-than-expected 208,000 new jobs in June while the unemployment rate ticked up, offering a mixed assessment of the current labor market at a time when the broader economy is showing signs of cooling down.

In the first six months of 2024, the U.S. economy created around 1.3 million new jobs, according to the Bureau of Labor Statistics (BLS).
Last month, the unemployment rate ticked up to 4.1 percent, up from 4 percent in May. The market had penciled in a reading of 4 percent.

Average hourly earnings eased to 3.9 percent year-over-year, down from 4.1 percent. This was in line with economists’ expectations. On a monthly basis, average hourly earnings rose 0.3 percent, down from 0.4 percent, which also matched forecasts.

The labor force participation rate edged up to 62.6 percent, from 62.5 percent. Average weekly hours were unchanged at 34.3.

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