The labor market reflects continued resilience amid slowdown
The gravity-defying job market is finally back down to earth. Employers added 206,000 jobs in June, reflecting a gradual cool-down of the labor market in the first half of 2024, in the latest sign that the U.S. economy is settling after four years of breakneck growth. Get a curated selection of 10 of our best stories in your inbox every weekend. The unemployment rate, meanwhile, rose slightly to 4.1 percent, the highest level in more than a year and half, the Bureau of Labor Statistics reported Friday. Joblessness among women — and Black workers — increased slightly in June and was up more for Asian workers. Higher levels of unemployment have been long expected, since workers are often one of the first casualties of an economic slowdown. But there have been broader signs of cooling, too: Americans are pulling back on all kinds of purchases. Home sales are at a standstill. And factories are seeing a drop-off in demand for U.S.-made goods. Meanwhile, long-term unemployment — a measure of people who have been looking for work for more than six months — rose in June, to its highest level in more than two years.
More From The Washington Post (subscription required):