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The newest U.S. jobs report is a grab bag of labor-market signals. The U.S. economy added 206,000 jobs, down from about 218,000 in May 2024. At the same time, the unemployment rate ticked up slightly to 4.1%, while wage growth slowed to its lowest rate in three years.
While 4.1% unemployment is a strong number in any context, it does reflect a slowly deteriorating job market for job seekers. Many observers, rather than being surprised by the uptick in unemployment, are instead surprised they haven’t seen the needle move more in this direction previously.
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