In a highly anticipated jobs report ahead of the July 4th holiday weekend, the U.S. economy added a seasonally adjusted 57,000 jobs in June, roughly half of what economists expected.
The unemployment rate fell to 4.2% and average hourly earnings rose 0.3% from the prior month, in line with estimates
As of 12:44 p.m., the Dow Jones Industrial Average traded roughly 347 points higher, while both the S&P 500 Index and Nasdaq Composite were slightly in the red. The report is a bit of a mixed bag. On one hand, it strays from the narrative suggesting the labor market has rebounded.
On the other hand, the soft data also gives the Federal Reserve more flexibility regarding the trajectory of interest rates. Here’s the takeaway for investors. Image