U.S. Added 209K Jobs in June, Missing Expectations for 230K

The unemployment rate fell to 3.6% versus 3.7% in May and against expectations for 3.7%.

AccessTimeIconJul 7, 2023 at 12:36 p.m. UTC
Updated Jul 7, 2023 at 3:42 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

The U.S. added 209,000 jobs in June, slightly missing expectations for 230,000 and down from a downwardly revised 306,000 in May, according to the monthly employment report from the Bureau of Labor Statistics (BLS). May's job gain was originally reported as 339,000.

The unemployment rate dipped to 3.6% in June versus 3.7% in May and against expectations for 3.7%.

The price of bitcoin (BTC) rose modestly to $30,250 in the immediate aftermath of the report's release.

The news comes about 24 hours after the ADP's blowout jobs report for June – 497,000 jobs added versus 220,000 expected – sent interest rates sharply higher and bitcoin tumbling about $1,000, or more than 3%.

Though only a small headline miss, this morning's employment report is notable for breaking an unprecedented streak of 14 consecutive months of topping expectations.

Digging further into the report details, the labor force participation rate held steady for the fourth straight month at 62.6%. Average hourly earnings rose 0.4% in June, topping estimates for 0.3%. On a year-over-year basis, average hourly earnings were higher by 4.4%, steady from May but ahead of estimates for 4.2%.

In addition to the 33,000 downward revision to May's job gains, April's job adds were revised lower by 77,000 to 217,000. In total, revisions subtracted 110,000 jobs from the April and May reports.

While there's plenty of economic data still to come in July, today's release marks the last national employment report before the Federal Reserve's late July interest rate policy meeting. Prior to these latest numbers, markets were pricing in a near-certainty of the central bank resuming rate hikes at that meeting.

The rate of inflation as measured by the Consumer Price Index (CPI) has fallen from a peak of 9.1% in 2022 to the current 4.0%, but it remains well above the Fed's 2% target. Additionally, core CPI – which strips out volatile food and energy costs – has been more stubborn, with the current rate of 5.3% down far more modestly from its peak of 6.6% last year.

The central bank has made clear its belief that a more sluggish employment picture is necessary for bringing inflation under control, but to this point the jobs picture has remained strong. Whether today's softer payroll numbers is the beginning of a trend remains to be seen.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Stephen  Alpher

Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.