Nonfarm payrolls increased by 175,000 on the month, below the 240,000 estimate from the Dow Jones consensus.
The unemployment rate ticked higher to 3.9% against expectations it would hold steady at 3.8%. A more encompassing jobless rate edged up, to 7.4%, its highest level since November 2021.
Consistent with recent trends, health care led job creation, with a 56,000 rise. Other sectors showing significant increases included social assistance (31,000), transportation and warehousing (22,000), and retail (20,000).
Following the report, traders priced in a strong chance of two interest rate cuts by the end of 2024.
