U.S. employers added 209,000 jobs in June, the lowest number since 2020, but still a sign that the Federal Reserve will continue on its rate tightening cycle this year and perhaps into early 2024.
While the additions build on the 339,000 positions created in May, which was the lowest since March, the data may still present a conundrum for policymakers who continue to wrestle with consumer inflation of 4%, twice the Fed's preferred level.
The unemployment rate held steady at 3.6%.
Ahead of the report, 92% of market participants anticipated a 25 basis point rate hike this month, according to the CME Group's FedWatch tool. That compares to just 7.6% of traders who expect the Fed to hold rates steady at the current range of 5% to 5.25%. Policymakers will meet on July 26. ... Read More: FOX Business