US Job Growth Slows in June; Hospitality Sheds Roles Despite World Cup
The United States economy added 57,000 jobs in June, marking a slowdown in economic growth following several months of steady gains. The weaker-than-expected hiring figures were released on Thursday in the US Labor Department’s Bureau of Labor Statistics (BLS) monthly employment report.
Slow Growth and Falling Participation
Labour force participation dropped to its lowest level since March 2021, reaching 61.5 percent in June. The broader U-6 unemployment rate, which includes discouraged workers and those working part-time because they cannot find full-time work, fell from 8.1 percent to 7.9 percent.
Job Market Sector Analysis
The June job gains were focused in a handful of sectors. Professional and business services added 36,000 jobs; healthcare added 22,000, and social assistance added 25,000 jobs. Other sectors remained stagnant.
Impact of World Cup on Hospitality
Leisure and hospitality employment lost 61,000 jobs before the normally busy summer season in the US, which was otherwise expected to be bolstered by an influx of World Cup-driven tourism. Goldman Sachs had forecast that the tournament would have added 40,000 jobs in June.
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