July 21, 2024

Growth in US payroll slows and unemployment rate rises to 4.1%

Employment and wage growth in the US slowed down in June with the unemployment rate increasing to its highest level since late 2021. This has increased the likelihood of the Federal Reserve reducing interest rates in the near future. The nonfarm payrolls increased by 206,000, but job growth in the previous two months was revised downward by 111,000, according to the Bureau of Labor Statistics.


Q: What factors contributed to the slowdown in hiring and wage growth in June?

A: The slowdown in hiring and wage growth in June can be attributed to various factors such as economic uncertainty, trade tensions, and global market conditions.


The dip in US hiring and wage growth in June, coupled with the rise in the jobless rate, may prompt the Federal Reserve to consider cutting interest rates in the coming months. It is important for policymakers to closely monitor economic indicators and trends to make informed decisions regarding monetary policy.

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