U.S. payroll growth slowed sharply in June, adding only 57,000 jobs

U.S. jobs growth disappointed last month, with the data likely to set back market expectations of a Federal Reserve rate hike as soon as this summer or early Fall.

The U.S. added 57,000 jobs in June, according to the government's Nonfarm Payrolls Report released Thursday morning. That's lower than the 110,000 forecasted by economists and significantly below May's 129,000 gain (revised from an originally reported 172,000).

The unemployment rate came in at 4.2% versus an expected 4.3% and May's 4.3%. The drop in the UE rate, even as hiring slowed, was due to the Labor Force Participation rate declining to 61.5% from 61.8%.

Up strongly ahead of the report, bitcoin BTC $ 61,971.57 held above $61,000, higher by 4% over the past 24 hours.

U.S. stocks are liking the data, Nasdaq 100 futures moving to a 0.7% gain from about flat ahead of the report. The 10-year Treasury yield has dipped four basis points to 4.46%

The U-turn in interest rate expectations has been one of the macro stories of the year. With President Trump's well-advertised desire for lower interest rates and his selection of a new Fed chair, the only question for markets months ago was how often the U.S. central bank would trim rates in 2026.

In part thanks to surging energy prices, though, inflation turned upward in the first half of the year, and new Fed Chair Kevin Warsh surprised many, leading the Fed to a very hawkish conclusion at its policy meeting two weeks ago.

Following the number, market expectations could be changing again. According to CME FedWatch , yesterday, there was about a 65% chance of one or more rate hikes by September. In the minutes following the report, that's dropped to 50%.

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