The June nonfarm payrolls report landed with a thud on Wednesday, showing the US economy created only 57,000 jobs last month. Economists had penciled in roughly 110,000. That’s not just a miss. That’s a miss by nearly half.
The numbers behind the selloff
It wasn’t just the headline number that disappointed. May’s initial estimate of 172,000 jobs was revised downward to 129,000, meaning the labor market was weaker last month than anyone realized at the time.
The unemployment rate did tick lower to 4.2%. The 10-year Treasury yield dipped following the release, falling by around four basis points intraday.
Why the NASDAQ took the hardest hit
