US job growth remained modest in June, with nonfarm payrolls increasing by 57,000 while the unemployment rate held steady at 4.2%, according to the US Bureau of Labor Statistics. Employment gains were led by professional and business services, social assistance, and health care, while leisure and hospitality lost 61,000 jobs due to weaker-than-usual seasonal hiring.
Wage growth remained steady, with average hourly earnings rising 0.3% in June and 3.5% over the past year. However, the labor force participation rate slipped to 61.5%, and employment figures for April and May were revised downward by a combined 74,000 jobs, suggesting the labor market continues to cool despite remaining relatively stable.
