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

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%.

Up strongly ahead of the report, bitcoin BTC$61,353.20 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 desires for lower interest rates and his picking a new Fed chair, the only question for markets months ago was how often the U.S. central bank would be trimming rates in 2026.