The U.S. added just 57,000 nonfarm payrolls in June, well below forecasts, as the labor market cooled markedly.
Nonfarm payrolls rose by 57,000 in June, compared with a consensus forecast of 115,000. Revisions lowered prior months by a total of 74,000.
The unemployment rate declined to 4.2 percent, though this reflected a drop in the labor force participation rate to 61.5 percent. Average hourly earnings rose at a steady 3.5 percent pace.
The weak reading has reduced expectations for a Federal Reserve rate increase in July.
