If President Donald Trump was hoping for a good jobs report to boost his party’s spirits, he didn’t get it.
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As the latest survey results came in, economic reporters and other observers were quick to note that, while not every figure in the report was bad, it was well below what Wall Street had been hoping for.
“A disappointing jobs report,” wrote Navy Federal Credit Union chief economist Heather Long on X. “The US economy added 57,000 jobs in June (below expectations of 115k). Hospitality jobs decline by -61k. Plus, April and May were revised lower by -74,000. The unemployment rate fell to 4.2% –> the lowest in a year, but mainly due to a big drop in people job hunting.” Also rough, she noted, is that “Wages aren’t keeping up with inflation,” only rising 3.5 percent vs 4 percent price increases.
As the far-right financial site Zero Hedge put more bluntly, “The jobs print was below all but one forecasts.”
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Wall Street Journal chief economic correspondent Nick Timiraos wrote, “The U.S. economy added 57,000 jobs in June and revisions subtracted a combined 74,000 jobs from the previously reported figures for May and April. The unemployment rate edged down to 4.2%. Leisure and hospitality employment declined by 61,000 in June.”
Industry analyst account The Kobeissi Letter noted that “The unemployment rate fell to 4.2%, below expectations of 4.3%,” but that “May’s jobs number was also revised down by -43,000 jobs. The labor market remains in a volatile situation.”
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