Strong creation, lower unemployment in June jobs report

Total nonfarm payroll employment increased by 147,000 in June, and the unemployment rate changed little at 4.1%, the U.S. Bureau of Labor Statistics reported Thursday.

“The June labor market report exceeded expectations with stronger job creation and lower unemployment rate, while previous months’ hiring numbers were also revised up. The robust employment picture supports the Federal Reserve’s cautious approach of waiting for more data on inflation before cutting rates,” said Dawit Kebede, America’s Credit Unions senior economist. “Markets also assign a low probability to a July rate cut. This solid labor market environment helps credit union members maintain loan affordability and on-time payments.”