U.S. Adds 147,000 Jobs in June, Unemployment Rate Drops to 4.1%
The U.S. employment report for June exceeded expectations, impacting monetary policy discussions.
- Nonfarm payrolls increased by 147,000, surpassing the forecast of 110,000 and up from a revised May figure of 144,000.
- The unemployment rate fell to 4.1%, lower than the expected 4.3% and May's 4.2%.
- Bitcoin's price dipped slightly to just under $109,000 following the report, after reaching over $110,000 earlier.
- U.S. stock index futures rose, with the Nasdaq 100 and S&P 500 each gaining about 0.3%. The 10-year Treasury yield increased by nine basis points to 4.36%.
- Market participants are monitoring economic data for Federal Reserve signals. Jerome Powell maintains that the economy is stable, opposing calls from President Trump for immediate rate cuts.
- Prior to the report, traders estimated a 75% chance the Fed would maintain rates in July, which increased to 95% post-report. September rate cut odds declined to 78%.
- Average hourly earnings rose 0.2% in June, below the expected 0.3%, with a year-over-year increase of 3.7%, also short of the anticipated 3.9%.
- Weekly initial jobless claims decreased to 233,000 from 237,000, against forecasts of 240,000.