U.S. Job Gains Slowed In June To 57,000; Entertainment Employment Continues Decline

The U.S. added 57,000 jobs in June, lower than expected, while the unemployment rate ticked down to 4.2%.

The figures were below expectations, and came after May’s surprisingly robust job growth.

Employment in movies and music fell again during the month, by 3,600, to 321,700, according to the estimates from the Bureau of Labor Statistics. Broadcast and content providers saw job gains of 1,400, to 336,900.

The bureau also revised downward figures from April and May, shedding 74,000 jobs from those figures. The latest data showed that 148,000 jobs were added in April and 129,000 in May.

The job gains in June were most significant in professional and business services, social assistance and health care, while leisure and hospitality lost jobs.

Average hourly earnings rose by 13 cents to $37.64. Over the past year, average hourly earnings have increased by 3.5%.

Heather Long, chief economist for Navy Federal, called the report “disappointing.”

She wrote on X, “The bad news = Wages aren’t keeping up with inflation. Wage gains were 3.5% in the past year, which is below ~4% inflation.”

Justin Wolfers, professor at the University of Michigan, wrote, “Part of the recent jobs surge proved to be illusory, and the latest number is a bit weaker. Today’s update: We’re treading water, but neither surging nor sinking.”

Harvard Professor Jason Furman posted, “Bottom line: Compared to what we thought yesterday the outlook is a tiny bit weaker (which is what the markets are reacting to). But compared to what we thought a month or two or three ago this is a remarkably resilient and stable labor market even in the face of big shocks.”