BUSINESS

U.S. Jobs Growth Weakens

U.S. job growth slowed last month in a sign that the weight of higher interest rates may be starting to slow the world’s largest economy.

The Labor Department reported that nonfarm payrolls increased by 209,000 jobs last month, the smallest gain since December 2020, the survey of establishments showed.

That was fewer than expected, though the unemployment rate still fell to 3.6 percent, from 3.7 percent in May.

Economists polled by Reuters had forecast payrolls rising 225,000.

It was the first time in 15 months that payrolls missed expectations.

The labor market is being closely watched, as the U.S. central bank hikes borrowing costs to fight inflation.

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Readers Bureau, Contributor

Edited by Jesus Chan

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