JPMorgan Chase & CoJPM
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The US economy added just 57,000 jobs in June, less than half the 115,000 that economists polled by Dow Jones had expected, while the unemployment rate edged down to 4.2% from 4.3% as the labor force participation rate fell 0.3 percentage points to 61.5%. The Bureau of Labor Statistics also revised April and May payroll gains down by a combined 74,000. Average hourly earnings rose 0.3% to $37.64, up 3.5% over the year, but with May inflation at 4.2%, real wages shrank for a second straight month. The soft report eased pressure on new Fed Chair Kevin Warsh to hike rates, and stocks rose, with the Dow Jones Industrial Average climbing about 246 points.
JPMorgan Chase & Co