US economy adds 206,000 jobs but unemployment ticks higher

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The US added 206,000 jobs in June, higher than forecasts, but down from the previous month.

Economists polled by Reuters had expected non-farm payrolls to have increased by 190,000 last month.

Friday’s report from the Bureau of Labor Statistics also showed that the US unemployment rate ticked up to 4.1 per cent from 4 per cent.

The US labour market’s strength in the past two years has afforded the Federal Reserve the time to take a cautious approach to lowering borrowing costs. The central bank is closely monitoring employment conditions, and inflation, to help guide its decision on when to commence an interest rate cutting cycle.

Friday’s data comes just days after the minutes of the central bank’s June meeting showed that members of the rate-setting committee were becoming more attentive to the downside risks to the US labour market.

This is a developing story

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