US payroll employment gains cools in June

US non-farm payrolls came in below expectations in June, with just 57,000 jobs added, ending three months of above-consensus readings.

Unemployment edged down to 4.2%, from 4.3% in the month prior, while downward revisions to payroll employment in April and May totalling 74,000 jobs placed downward pressure on otherwise stronger-than-expected readings in the months prior.

While unwelcome, June’s non-farm payroll print is unlikely to be weak enough to force the Federal Reserve’s hand under new chair Warsh.

Cebr continues to expect the Fed to hold rates through to year end.