June Jobs Report: Cooling Labor Market Signals Shift in Fed Outlook

The U.S. economy added 57,000 jobs in June, falling short of the consensus estimate of 113,000 and the blowout 172,000 jobs created in May (downwardly revised to 129,000).  Additionally, the unemployment rate fell slightly to 4.2%. While labor market conditions have remained surprisingly resilient throughout the first half of the year, today’s data represents a cooling…