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US Unemployment Drops to 3.6%

Fueling speculation of another Fed Rate Hike.

  • Unemployment: June 3.6%
    • Previous 3.7%
    • Expected 3.7%
    • Labour Participation rate: 62.6Z%
    • Hourly Earnings ⬆️ .4% MoM 
  • Non-Farm Payrolls:
    • Non-Farm: 209k Jobs added.
    • Manufacturing payrolls 7k
    • Gov. Payrolls 60k

According to data released by the Labor Department on Friday, the U.S. added 209,000 jobs in June, and the unemployment rate dipped to 3.6 percent.

Consensus estimates from economists had anticipated the U.S. to add approximately 240,000 jobs last month, with the jobless rate expected to fall to 3.6 percent, down from 3.7 percent in May.

Throughout 2023, despite persistent recession warnings and rapid Federal Reserve rate hikes, the U.S. economy has remained sturdy.

This year, the U.S. has been averaging the addition of 278,000 jobs per month, which is slightly lower than the 399,000 jobs per month recorded in 2022, but still well above the level required to sustain economic growth.

Policymakers are optimistic due to the resilience of the economy, as they aim for the U.S. to navigate high inflation without experiencing a recession.

Federal Reserve Chairman Jerome Powell expressed confidence in a gradual approach to bringing inflation back down to 2 percent without causing a sharp economic downturn or significant job losses. This statement came after the central bank halted a series of 10 consecutive rate hikes.

However, it is highly likely that the Federal Reserve will resume interest rate hikes during their upcoming meeting in July. Although the Federal Open Market Committee unanimously agreed to hold off on rate hikes last month, some officials privately advocated for an increase in June.

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