US job growth disappointed last month, with the data likely to set back market expectations of a Federal Reserve rate hike as soon as this summer or early fall.
The United States added 57,000 jobs in June, according to the government’s Nonfarm Payrolls Report released Thursday morning. That’s lower than the 110,000 predicted by economists and significantly below May’s gain of 129,000 (revised from an initially reported 172,000).
The unemployment rate came in at 4.2% against an expected 4.3% and corn 4.3%. The drop in the UE rate, even as hiring slowed, was due to the labor force participation rate falling to 61.5% from 61.8%.
Boost up ahead of the report, bitcoin held above $61,000, up 4% over the past 24 hours.
US stocks like the data, Nasdaq 100 futures move to a 0.7% gain from about flat before the report. The 10-year government yield has fallen four basis points to 4.46%
