June non-farm payrolls rose by 57K, falling short of the 110K forecast and easing Fed rate-cut pressure.
US non-farm payrolls increased by 57K in June, missing the 110K estimate and marking a sharp slowdown from prior months. Initial jobless claims came in at 215K, slightly below the 220K forecast, while May factory orders declined 1.3%, better than the expected 1.8% drop.
The report contrasted with this week’s JOLTS data, which showed a two-year high in job openings. Hospitality sector losses ahead of the World Cup added to the mixed signals, complicating the labor market outlook.
The dollar initially weakened, bonds rallied, and stocks gained, but pre-holiday flows muddled the reaction. The S&P 500 slipped 0.3%, gold rose $83 to $4,113, and the 10-year yield edged up 1 bps to 4.48%. The yen led currency gains as USD lagged.