Slowdown in Job Growth in the United States

Job growth in the United States slowed more than expected in June after a significant increase in the previous month; however, the labor shortage in the market continues as the unemployment rate declined from a seven-month high, and relatively large wage increases persisted. The Labor Department stated that "non-farm private sector jobs increased by 209,000 in the last month. The data for May was adjusted to show an increase of 306,000 jobs, down from the previously reported 339,000." The unemployment rate fell from 3.7% to 3.6% in May. The department noted in its job report that the U.S. economy provided the fewest jobs in June in two and a half years. The report also indicated that the number of jobs added in April and May was 110,000 less than recorded in previous reports.