Job growth misses expectations for third straight month
The U.S. economy added just 57,000 jobs in June, missing expectations by a wide margin, the Labor Department reported Thursday. The unemployment rate dipped to 4.2%, but the labor force participation rate fell to a more than five-year low. Payroll gains for April and May were revised downward, confirming a cooling trend in the labor market.
Markets react: Dow hits record, Fed rate hike bets fade
The Dow Jones Industrial Average rose more than 1% to a record closing high as the soft jobs data eased concerns about near-term interest rate hikes. The dollar headed for its biggest weekly drop since April as traders lowered expectations for a Federal Reserve rate increase. Fed Chairman Kevin Warsh said inflation risks are declining but gave no clues on the next rate move.
Trump declines to renew USMCA, toppling North American trade pact
In a separate development, President Trump announced he will not renew the USMCA trade deal, effectively ending the North American trade framework he himself signed in 2018. The decision adds uncertainty for businesses across the continent and drew sharp criticism from Canada and Mexico.