June Employment Situation (NFP): 57K jobs vs 115K jobs expected (below expectations)
Payroll growth cooled sharply to 57K in June, missing the 115K consensus, while unemployment fell to 4.2% because labor-force participation dropped to 61.5%. Wage growth stayed steady at 0.3% MoM and 3.5% YoY, taking near-term Fed hike pressure off the tape.
📊 Results
Actual Reading
Market Reaction
💡 Key Takeaway
The headline unemployment drop looked less bullish because it came from weaker participation and a 507K decline in household employment. Downward revisions to April and May also made the labor market look materially softer than the prior reports suggested.
📖 Why This Matters
The Employment Situation report, commonly known as the Jobs Report or NFP (Non-Farm Payrolls), provides crucial insights into the health of the U.S. labor market. Released monthly by the Bureau of Labor Statistics, it includes non-farm payroll changes, unemployment rate, and wage growth data. This data is vital for Federal Reserve policy decisions, as employment is one half of the Fed's dual mandate alongside price stability.
June Employment Situation (NFP) actual vs expected
| Release date | Thursday, July 2, 2026 at 08:30 ET |
|---|---|
| Event type | Jobs |
| Actual | 57K jobs |
| Expected | 115K jobs |
| Prior | 129K jobs |
| Expectation surprise | below expectations |
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FAQ
What was the June Employment Situation (NFP) result?
June Employment Situation (NFP) came in at 57K jobs versus 115K jobs expected, below expectations.
How did markets react to June Employment Situation (NFP)?
Stock futures rose and the 2Y Treasury yield fell about 3.5 bps to 4.13% as traders reduced September hike odds.
🔗 Related Events
February Employment Situation (NFP)
DISASTER — Economy lost 92,000 jobs (vs +56K expected). Unemployment jumped to 4.4%. January revised down to +126K. Worst jobs print since the pandemic era.
March Employment Situation (NFP)
Payrolls rebounded by 178K in March after February's shock decline, beating the 70K consensus. Unemployment dipped to 4.3% from 4.4%, while average hourly earnings growth cooled enough to keep the report from looking too inflationary. The report still showed a labor market losing some depth under the hood.
April Employment Situation (NFP)
Payrolls rose 115K in April, beating roughly 65K expected, while unemployment held at 4.3%. Wage growth cooled to 0.2% MoM and 3.6% YoY, making it a resilient-but-not-too-hot labor report.