Nonfarm payrolls rose 57k in June, with the prior two months revised down a
combined 74k; unemployment rate fell to 4.2%. Labor force participation dropped
to its lowest level in over five years. Leisure and hospitality posted the
largest payroll decline since 2020; retail trade and information sectors also
cut jobs. Healthcare and social assistance continued robust hiring;
manufacturing added jobs but remains slightly below early‑2025 levels. S&P 500
rallied and U.S. Treasury yields fell as investors trimmed odds of additional
Fed rate hikes this year.
