U.S. economy adds 209,000 jobs in June

investing.com:

Investing.com — The U.S. economy added jobs at a slower-than-anticipated pace in June, but labor conditions remain largely tight as Federal Reserve officials prepare for an upcoming interest rate decision later this month.

The Labor Department's closely-watched employment report Friday showed that nonfarm payrolls rose by 209,000 last month, cooling from a downwardly revised mark of 306,000 in May. Economists had expected the figure to increase by 225,000. Meanwhile, monthly growth in average hourly earnings remained unchanged at 0.4%, while the unemployment rate decelerated slightly to 3.6% from 3.7%.

Fed policymakers have pointed to a loosening in the tight jobs market as a major objective of its recent year-long campaign of rate rises aimed at corralling elevated inflation. The Federal Open Market Committee voted to keep borrowing costs steady at their latest meeting, although the move was seen as a temporary measure to give officials more time to assess the impact of the increases on the broader economy.

Minutes from the Fed's June gathering, along with comments from Dallas Fed president Lorie Logan on Thursday, suggest that the central bank may be about to restart its rate-hiking cycle.