The report marked the first in 15 months that job creation came in below what Wall Street economists had expected. But it also marked the 30th straight month the U.S. economy has created jobs.
Many on Wall Street saw a drop in unemployment and elevated wage growth as bolstering the case for further rate hikes.
As Nancy Vanden Houten, lead US economist at Oxford Economics, put in a note on Friday, the June jobs report showed a labor market cooling from "from overheated to lukewarm.""Job growth moderated more than expected in June and there were large downward revisions to payroll gains for the prior two months.
U.S. Federal Reserve Chairman Jerome Powell speaks during a news conference after the release of the Fed policy decision to keep interest rates unchanged, at the Federal Reserve in Washington, U.S, June 14, 2023. REUTERS/Kevin Lamarque"It's still a mixed blessing. These are pretty strong job numbers, and it will keep us out of recession, but also keep the Fed on the interest rate hiking front foot.
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