ACTV - June Jobs Jump By 206000 Unemployment Rate Rises Again

2024-07-05 10:12:15 ET

Summary

• June payrolls slightly beat expectations at 206,000, but lower than the previous month, with a significant increase in government positions.
• The unemployment rate rose to 4.1%, the highest since November 2021.
• The market response was modest, with equity futures increasing and bond rates falling.
• Inflation data comes next week along with the start of the Q2 earnings season.

June payrolls verified at 206,000, slightly above consensus expectations of 190,000, but lower from 272,000 a month ago. The unemployment rate ticked up once again to 4.1% from 4.0% in May, now the highest since November 2021. Revisions were significantly negative at –111,000 in the previous two months, making it the fourth time in the last five months that jobs were slashed from previous monthly reports. ...

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