U.S. business hiring slowing, according to June report

Business owners in the United States reported hiring roughly 66,000 fewer workers than they did in May, the Labor Department said on Friday. The number of new hires was down from over a quarter-million reported in May, according to the bureau. Meanwhile, the unemployment rate only increased slightly, remaining around 4 percent. The unemployment rate is based on a separate survey of U.S. households.

What does the White House have to say about this report? President Joe Biden touted June’s jobs report as a success on Friday. He said that the economy had now added 15.7 million jobs during his time in office, which he described as a record. Biden did acknowledge that many Americans were facing higher costs.

Dig deeper: Listen to Nick Eicher’s discussion with David Bahnsen on The World and Everything in It podcast about how political happenings could affect the economy.