Quick Review of US June Non-Farm Payroll Data

Although consumer spending has remained resilient despite the energy shock triggered by the Iran war, Americans feel pessimistic about high prices and wages failing to keep up with inflation, which may also prompt employers to remain cautious in hiring. The main reason for the decline in hiring is that employment in the leisure and hospitality sector has experienced its largest drop since 2020. The retail trade and information sectors have also seen layoffs, while the healthcare and social assistance sectors continue robust hiring.