U.S. job growth disappointed last month, with the data likely to push back market expectations for 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 forecast by economists and significantly lower than the 129,000 gain recorded in May (revised from the 172,000 initially reported).
The unemployment rate stood at 4.2% compared to 4.3% expected and 4.3% in May. The drop in the EU rate, even though hiring slowed, was due to the decline in the participation rate from 61.5% to 61.8%.
Up sharply from the report, Bitcoin held above $61,000, up 4% over the past 24 hours.
U.S. stocks are lifting the data, with Nasdaq 100 futures rising 0.7% from roughly flat before the report was released. The 10-year Treasury yield fell four basis points to 4.46%.
