US economy adds 57,000 jobs in June, below expectations

00:00 Speaker A

Once again, this is breaking news for the June Jobs report. The numbers just crossing the wire. 57,000 jobs were added to the US economy in the month of June. That’s far less than the 113,000 that economists had forecasted based upon Bloomberg estimates.

00:15 Speaker A

Also, we have average hourly earnings for the month of June coming in line with estimates at 3.5% and unemployment actually coming in a tick lower than what economists had forecasted at 4.2%. Economists had expected it at 4.3%.

00:27 Speaker A

And so ultimately what we’re seeing here is less jobs added to the US economy during the month of June than expected. Also taking a look at the month of May, previously the government had reported that 172,000 jobs were added, but now we did get some revisions. Now we now see that 129,000 jobs were added in the month of May, instead of that robust 172,000. And so something definitely to watch there.