Payrolls rose by 209,000 in June, less than expected, as jobs growth wobbles

The US economy added 209,000 jobs in June, according to the Bureau of Labor Statistics. This was below the consensus forecast of 240,000 jobs. The unemployment rate remained unchanged at 3.6%.

The slowdown in job growth is a bit of a surprise, as the economy had been adding jobs at a strong pace in recent months. However, there are a few factors that could be contributing to the slowdown, including rising interest rates and inflation.

Rising interest rates are making it more expensive for businesses to borrow money, which could lead to slower investment and hiring. Inflation is also putting pressure on businesses' bottom lines, which could also lead to slower hiring.

Despite the slowdown in job growth, the labor market remains strong overall. The unemployment rate is near a record low, and wages are rising at a healthy pace. This suggests that the economy is still growing, albeit at a slower pace than in recent months.

It remains to be seen whether the slowdown in job growth is a temporary blip or a sign of a more significant slowdown in the economy. The Federal Reserve is expected to continue raising interest rates in an effort to combat inflation. This could lead to further slowdown in economic growth and job growth. However, the labor market is still strong, and the economy is expected to continue growing in 2023.

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