Jul 2, 2026, 12:37 p.m.
1 min read
Summary
- U.S. job growth slowed sharply in June, with 57,000 jobs added versus expectations for 110,000 and well below May’s revised 129,000 gain.
- The unemployment rate edged down to 4.2%, slightly better than forecasts and May’s 4.3% reading.
- Weaker labor data could cool expectations for aggressive Federal Reserve rate hikes in 2026, contributing to a drop in bitcoin prices after the report.
U.S. jobs growth disappointed last month, with the data likely to set back market expectations of a Federal Reserve rate hike as soon as this summer or early Fall.
The U.S. added 57,000 jobs in June, according to the government's Nonfarm Payrolls Report released Thursday morning. That's lower than the 110,000 forecasted by economists and significantly below May's 129,000 gain (revised from an originally reported 172,000).
The unemployment rate came in at 4.2% versus an expected 4.3% and May's 4.3%.
Up strongly ahead of the report, bitcoin BTC$61,353.20 held above $61,000, higher by 4% over the past 24 hours.
The U-turn in interest rate expectations has been one of the macro stories of the year. With President Trump's well-advertised desires for lower interest rates and his picking a new Fed chair, the only question for markets months ago was how often the U.S. central bank would be trimming rates in 2026.
In part thanks to surging energy prices, though, inflation turned upward in the first half of the year, and new Fed Chair Kevin Warsh surprised many, leading the Fed to a very hawkish conclusion at its policy meeting two weeks ago.
The only question for markets ahead of this morning's data turned to how often the U.S. central bank will be hiking rates in 2026.
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Building the Zcash Machine: Tachyon and Quantum Readiness
Building the Zcash Machine: Tachyon and Quantum Readiness
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Jun 30, 2026
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Why it matters:
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.