Labor Market Frozen, Fed PUT On Ice

2026-07-10 07:30:00 ET

The NFP report for June came in at a disappointing 57k net new jobs created. That was less than the downwardly revised 129,000 jobs added in May and worse than the 115,000 Dow Jones consensus forecast. Revisions slashed 74k jobs from the original May and April reports. The unemployment rate did drop to 4.2%, but that was due to a slump in the labor force participation rate, which fell 0.3 percentage point to 61.5%, the lowest since March 2021. The Household employment survey was much worse than the establishment survey, showing an actual loss of 507,000 jobs. In fact, the household survey shows a whopping 1,700,000 people have lost their jobs so far in 2026....

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