Hiring cools in June as employers added 209,000 jobs

Hiring cooled in June as employers put the brakes on hiring amid economic headwinds such as surging borrowing costs. 

The U.S. added 209,000 jobs last month, the Labor Department reported Friday. Economists had expected about 205,000 new jobs in June, according to a poll of economists by FactSet. 

By comparison, employers added 339,000 new jobs in May.

The Federal Reserve has sharply boosted interest rates over the past year, making it more expensive for businesses to expand. The central bank wants to tamp economic growth to slow inflation, which hit a 40-year high last year.

“The U.S. labor market moderated in June, as new job creation edged down — a step toward the much sought-after soft landing in the economy,” noted Dave Gilbertson, labor economist at UKG, in an email after the numbers were released. “[T]he labor market is holding up very well, but it’s not on fire.”

This is a developing story and will be updated.

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