U.S. economy gained only 57,000 jobs in June, according to the Department of Labor’s latest report

The U.S. economy added only 57,000 jobs in June, as job growth slowed more than expected and prior payroll gains were revised lower. This cooling labor market has prompted financial markets to reduce expectations for a near-term Federal Reserve interest rate hike. Meanwhile, the Department of Labor reported that weekly jobless aid applications fell to 215,000, which is lower than the 225,000 forecast by FactSet analysts, indicating that layoffs remain at historically healthy levels.