The economy added 209,000 jobs in June, the Bureau of Labor Statistics reported Friday, reflecting a slowdown in the labor market as the Federal Reserve tightens its monetary policy.
The unemployment rate fell slightly to 3.6%, still a very low figure historically. Notably, last month’s job growth was the slowest for the U.S. since December 2020 after months of the economy outperforming the expectations of economists.The employment report’s household survey found that the number of unemployed persons remained about the same at 6 million.
Friday’s report is being closely scrutinized as it comes against the backdrop of several major economic stories — such as the Fed’s tightening, uncertainty in the housing market, fears of a recession, and lingering concerns about the banking system following the collapse of Silicon Valley Bank. The reading follows months of strong job gains, which is one part of the economy that President Joe Biden has touted even as inflation keeps eating into the paychecks of families across the country.
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