June’s job numbers smashed expectations, proving the U.S. economy still has plenty of fight left. Nonfarm payrolls surged by 147,000, blowing past the 110,000 forecast and edging out May’s revised 144,000, as CNBC reports. This isn’t the limp recovery about which the left keeps whining -- it’s a market that’s roaring despite their meddling.
The report, released before a holiday-shortened trading session, showed unemployment dropping to 4.1%, a low not seen since February, while wages grew a modest 3.7% year-over-year, keeping inflation fears at bay. Stocks climbed, Treasury yields spiked, and the labor market shrugged off progressive predictions of doom. Strong government hiring, especially in state and local education, led the charge, though manufacturing took a minor hit.
April’s payrolls got a nice bump, revised up by 11,000 to 158,000. May held steady at 144,000, and June’s 147,000 kept the year’s average at a solid 146,000. This consistency mocks the naysayers who claim Trump’s policies are tanking the economy.
Government jobs soared by 73,000, with 40,000 in state and local education roles. Health care added 39,000, social assistance chipped in 19,000, and construction gained 15,000. Federal jobs, however, dipped by 7,000, thanks to Elon Musk’s Department of Government Efficiency trimming the fat.
“The solid June jobs report confirms that the labor market remains resolute and slams the door shut on a July rate cut,” said Jeff Schulze of ClearBridge Investments. Schulze’s right, but his optimism misses the bigger picture: the Fed’s still dragging its feet, ignoring Trump’s call for lower rates. Powell’s caution is strangling growth.
The unemployment rate’s dip to 4.1% defied forecasts of a 4.3% rise. Even the broader measure, including discouraged workers, fell to 7.7%, a level not seen since January. The left’s narrative of a crumbling job market just got another reality check.
President Donald Trump, never one to mince words, demanded Fed chair Jerome Powell’s resignation on Truth Social this week. “Should resign immediately,” Trump posted, and he’s got a point—Powell’s high-rate obsession is choking small businesses. The Fed’s benchmark rate, stuck at 4.25% to 4.5% since December 2024, isn’t budging despite Trump’s push.
Powell, speaking on July 1, claimed the economy’s strength gives the Fed time to “evaluate data.” Evaluate this, Jerome: markets slashed the odds of a July rate cut to 4.7% from 23.8% after the jobs report. The Fed’s dawdling while businesses beg for relief.
Market watchers now bet on a September rate cut, with only two cuts expected in 2025, down from three. The CME Group’s FedWatch tool confirms it: Powell’s in no rush, and Trump’s right to call him out. This isn’t prudence—it’s bureaucratic inertia.
The labor force participation rate slid to 62.3%, a low not seen since late 2022, as 329,000 more people left the workforce. The household survey reported a meager 93,000 job gain, and 1.8 million people hadn’t job-hunted in the past four weeks. These cracks suggest the market’s strong but not invincible.
“The U.S. job market continues to largely stand tall and sturdy, even as headwinds mount,” wrote Cory Stahle of Indeed Hiring Lab. Stahle’s metaphor about a tent with “fewer poles” is cute but ignores the real issue: progressive policies discouraging work. The left’s handouts aren’t helping participation.
Full-time jobs jumped by 437,000, while part-time roles dropped by 367,000. That’s a win for stable employment, not the gig-economy nonsense the left loves to push. The average workweek, though, ticked down to 34.2 hours, hinting at some employer caution.
Private payrolls gained 74,000, despite ADP’s report of a 33,000 loss. Initial unemployment claims for the week ending June 28 fell to 233,000, beating estimates of 240,000. These numbers prove businesses are adapting, even with the Fed’s foot on the brake.
Wage growth stayed tame at 0.2% month-over-month, signaling no inflation spiral. At 3.7% year-over-year, earnings are rising without fueling the left’s favorite boogeyman: runaway prices. This balance shows Trump’s economic vision is working, despite Powell’s resistance.
The jobs report paints a picture of resilience, but the Fed’s refusal to cut rates risks stalling this momentum. Trump’s push for lower rates is about unleashing growth, not reckless spending. If Powell won’t listen, maybe it’s time for new blood at the Fed.
