Weak Employment Report Dampens September Rate Hike Hopes

Reuters
Updated
Man finding jobs
Getty

By Lucia Mutikani

U.S. job growth slowed in June and Americans left the labor force in droves, tempering expectations for a September interest rate hike from the Federal Reserve.

Nonfarm payrolls increased 223,000 last month, with construction employment unchanged and the mining sector purging more jobs, the Labor Department said on Thursday.

Adding to the employment report's soft tone, 60,000 fewer jobs were created in April and May than previously reported.

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