The U.S. Labor Department reported Thursday that employers added 57,000 jobs in June, a decrease from the 129,000 jobs added in May. Despite the slower pace of hiring, the national unemployment rate fell to 4.2 percent. Data indicates an increase in job openings in manufacturing and construction sectors, while private-sector growth reached its highest level of the current presidential term.
Economic data from the Atlanta Fed and the Bureau of Labor Statistics show that wage growth has continued to slow and has not kept pace with inflation over the last year. Factors cited for the decline in purchasing power include higher energy costs and administration tariff policies. Reports from the Conference Board also indicate that the percentage of consumers who believe jobs are difficult to obtain has reached its highest point since 2021, while the rate of employees quitting their jobs has remained at its lowest level since 2020.
A recent PBS News/NPR/Marist poll found that 60 percent of Americans disapprove of the current administration's handling of the economy. White House spokesperson Kush Desai stated that consumers remain resilient and predicted that a memorandum of understanding with Iran regarding energy prices would lead to a boost in real wages. Meanwhile, analysts at Goldman Sachs Asset Management noted that the cooling job growth might allow the Federal Reserve to maintain current interest rates, provided inflation does not see further unexpected increases.