VTI - June Jobs Report: Normalizing Labor Economy As Job Growth Slows

2024-07-05 09:35:50 ET

Summary

• 206,000 jobs were added in June, according to the Labor Department’s monthly release. The gains were within expectations.
• The slowing growth represents a break in the higher than expected growth trend seen in previous months.
• The data coincides with lower than expected additions per the ADP report on Wednesday.
• The unemployment rate also ticked higher to 4.1%.
• I view today’s report as supportive of a cooling labor market.

U.S. job growth slowed in June, and the unemployment rate ticked higher after rising to a more than two-year high in May. Today’s payroll data combined with last month’s milestone in the labor supply present emerging signs of a labor market normalization following a stronger than expected start to the first half of the year....

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