Jobs Report Again Defies Expectations

The new jobs report is out for June, and it came in stronger than expected. In fact, both the AP and CNBC use the same phrase—"surprising resilience"—to describe the state of things.

• Numbers: Employers added 147,000 jobs in June, above expectations of 110,000, reports the Wall Street Journal. That surpasses the revised figure of 144,000 in May.
• Rate: The unemployment rate dropped to 4.1% from 4.2%. The decrease was driven partly by fewer people looking for work, explains the Journal. The "labor-force participation rate," a measure of those working or seeking work, dropped slightly to 62.3%. That's the lowest since late 2022.

• Markets: The stock market rose modestly on the report, boosted by optimism that the US economy continues to weather uncertainty on trade policy and in global conflicts. Dow futures were up about 50 points.
• Strong areas: The field of health care continued to add jobs (39,000), as did state governments (47,000). Factories, however, shed about 7,000 jobs.