June jobs report

• The economy added far fewer jobs than expected in June, showing the job market is slowly cooling.
• This makes the Fed much less likely to raise interest rates at its late-July meeting, since a weak job market isn't pushing prices up.
• Unemployment ticked down slightly, but only because fewer people are looking for work — and few workers are quitting, a sign they feel stuck.
• Tech is getting hit hardest, making up a third of all job cuts this year, with AI now blamed for a growing share of them.

Outlook: The Fed is now expected to hold interest rates steady in July, and AI-driven job cuts look set to keep climbing.