U.S. jobs growth disappointed last month, a figure likely to dampen market expectations for a rate hike by the Federal Reserve as early as this summer or fall.
The U.S. added 57,000 jobs in June, according to the government’s nonfarm payrolls report. Continued Thursday morning. That was below the 110,000 forecast by economists and significantly below May’s 129,000 gain (revised from the 172,000 originally reported).
The unemployment rate came in at 4.2%, compared to an expected 4.3% and May’s 4.3%.
Well ahead of the report, Bitcoin Held above $61,000, up 4% over the past 24 hours.
US stocks are loving the data, with Nasdaq 100 futures heading for a 0.7% gain after being nearly flat ahead of the report. The 10-year Treasury yield fell four basis points to 4.46 percent
The U-turn in interest rate expectations has been one of the macro stories of the year. With President Trump’s well-publicized desire for lower interest rates and his selection of a new Fed chair, the only question for markets months ago was how often the U.S. central bank would cut rates in 2026.