Jobs Numbers Come In Weaker Than Expected

US employers pulled back on hiring last month and added only 57,000 jobs, less than half the previous month's total and a sign that companies still have a cautious economic outlook. Analysts polled by the Wall Street Journal expected 115,000 new jobs in June. The new figure (out a day early because of the July 4th holiday) is down from 129,000 new jobs in May.

• The rate: The Labor Department also said on Thursday that the unemployment rate declined to 4.2% from 4.3% in May, though the decline mostly occurred because many people out of work gave up looking and were no longer counted as unemployed.

• Big picture: The figures suggest that companies remain wary of the economy's health, with inflation at a three-year high and consumer confidence near post-pandemic lows.
• Markets: They rose on the lackluster data, notes CNBC. Investors are betting the weak report makes the Federal Reserve less likely to raise rates. The Dow was up more than 200 points, and both the S&P 500 and the Nasdaq also rose modestly, less than 1%.