An unprecedented string of 14 consecutive beats came to an end this morning, with the BLS reporting just 209K jobs added in June vs forecasts for 230K. bitcoin is little-changed on the news. SteveAlpher reports
The U.S. added 209,000 jobs in June, slightly missing expectations for 230,000 and down from a downwardly revised 306,000 in May, according to the monthly employment report from the Bureau of Labor Statistics . May's job gain was originally reported as 339,000.The price of bitcoin rose modestly to $30.250 in the immediate aftermath of the report's release.– 497,000 jobs added versus 220,000 expected – sent interest rates sharply higher and bitcoin tumbling about $1,000, or more than 3%.
Though only a small miss, this morning's employment report is notable for breaking an unprecedented streak of 14 consecutive months of topping expectations. Digging further into the report details, the labor force participation rate held steady for the fourth straight month at 62.6%. Average hourly earnings rose 0.4% in June, topping estimates for 0.3%. On a year-over-year basis, average hourly earnings were higher by 4.4%, steady from May, but ahead of estimates for 4.2%.
While there's plenty of economic data still to come in July, today's release marks the last national employment report before the Federal Reserve's late July interest rate policy meeting. Prior to this latest data,Though the rate of inflation as measured by the Consumer Price Index has fallen from a peak of 9.1% in 2022 to the current 4.0%, it remains well above the Fed's 2% target.
The central bank has made clear its belief that a more sluggish employment picture is necessary for bringing inflation under control, but to this point the jobs picture has remained strong.
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