{"id":64118,"date":"2026-07-02T09:08:13","date_gmt":"2026-07-02T13:08:13","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/us-labor-market-cools-sharply-as-june-payrolls-miss-estimates-precious-metals-surge\/64118\/"},"modified":"2026-07-02T09:08:13","modified_gmt":"2026-07-02T13:08:13","slug":"us-labor-market-cools-sharply-as-june-payrolls-miss-estimates-precious-metals-surge","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/us-labor-market-cools-sharply-as-june-payrolls-miss-estimates-precious-metals-surge\/64118\/","title":{"rendered":"US Labor Market Cools Sharply as June Payrolls Miss Estimates; Precious Metals Surge"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>US Nonfarm Payrolls rose by only 57,000 in June<\/strong>, significantly missing the consensus estimate of 113,000 and marking a sharp slowdown from the previous month.<\/li>\n<li><strong>Precious metals surged<\/strong> following the data, with <strong>Spot <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">Gold<\/a> hitting $4,094.45\/oz<\/strong> and <strong>Spot <a href=\"https:\/\/stockmarketwatch.com\/metal\/silver\" data-internallinksmanager029f6b8e52c=\"5\" title=\"silver price today\">Silver<\/a> rising over 3% to $61.63\/oz<\/strong> as traders increased bets on Fed rate cuts.<\/li>\n<li><strong>The unemployment rate edged down to 4.2%<\/strong>, but the report was marred by a combined <strong>74,000 downward revision<\/strong> to the previous two months of hiring data.<\/li>\n<li><strong><a href=\"https:\/\/stockmarketwatch.com\/stock\/MSFT\" data-internallinksmanager029f6b8e52c=\"18\" title=\"Stock: MSFT\">Microsoft<\/a> (<a href=\"\/stock\/MSFT\">MSFT<\/a>)<\/strong> announced the creation of a new <strong>6,000-worker unit<\/strong> dedicated to assisting global clients with Artificial Intelligence integration.<\/li>\n<li><strong>Tesla (<a href=\"\/stock\/TSLA\">TSLA<\/a>)<\/strong> saw a <strong>24.4% year-over-year increase<\/strong> in China deliveries for June, totaling <strong>89,091 vehicles<\/strong>, according to preliminary industry data.<\/li>\n<\/ul>\n<p>The US labor market showed significant signs of cooling in June, as the <strong>Bureau of Labor Statistics reported a gain of just 57,000 nonfarm payrolls<\/strong>. This figure came in well below the <strong>113,000 expected by economists<\/strong> and followed a downwardly revised May reading of 129,000. The <strong>leisure and hospitality sector<\/strong> was a primary drag on the headline number, shedding <strong>61,000 jobs<\/strong> during the month.<\/p>\n<p>Market reaction was immediate, with <strong>Spot Gold ([XAU\/USD])<\/strong> extending gains to trade up 1.6% at <strong>$4,094.45\/oz<\/strong>. <strong>Spot Silver ([XAG\/USD])<\/strong> also rallied, jumping more than 3% to reach <strong>$61.63\/oz<\/strong>. Investors are increasingly betting that the <strong>Federal Reserve<\/strong> will be forced to pivot toward a more accommodative stance to prevent a broader economic downturn.<\/p>\n<p>Federal Reserve Bank of San Francisco President <strong>Mary Daly<\/strong> commented on the shifting landscape, stating that the <strong>labor market has stabilized<\/strong> and that she does not want to &quot;react quickly when the world is changing quickly.&quot; While acknowledging that <strong>US monetary policy is slightly restrictive<\/strong>, Daly noted that housing inflation is finally trending downward. However, she warned that acting too slowly to adjust rates could be &quot;unwelcome for citizens.&quot;<\/p>\n<p>The youth labor market is particularly strained, with data indicating that <strong>US high school students face the toughest summer job market since 1948<\/strong>. Employers are expected to hire only <strong>790,000 teenagers<\/strong> during the May\u2013July period, a record low. High inflation and elevated fuel costs have led traditional seasonal employers, such as restaurants and camps, to scale back their hiring plans significantly.<\/p>\n<p>In the corporate sector, <strong><a href=\"https:\/\/stockmarketwatch.com\/stock\/MSFT\" data-internallinksmanager029f6b8e52c=\"18\" title=\"Stock: MSFT\">Microsoft<\/a> (<a href=\"\/stock\/MSFT\">MSFT<\/a>)<\/strong> is doubling down on its AI leadership by forming a <strong>6,000-person unit<\/strong> to help enterprise clients deploy AI technologies. This move aligns with Daly&#39;s observation that the economy may be at the &quot;beginning of a huge increase in productivity due to AI.&quot; Meanwhile, <strong>Tesla (<a href=\"\/stock\/TSLA\">TSLA<\/a>)<\/strong> showed resilience in the Chinese market, delivering <strong>89,091 China-made vehicles<\/strong> in June, a nearly 25% increase from the previous year.<\/p>\n<p>Geopolitical tensions and energy shifts also remain in focus. An explosion in <strong>Damascus, Syria<\/strong>, reportedly killed at least four people, while <strong>Saudi Arabia&#39;s <a href=\"https:\/\/stockmarketwatch.com\/energy\/crude-oil\" data-internallinksmanager029f6b8e52c=\"12\" title=\"Crude oil\">crude oil<\/a> exports<\/strong> have surged to near pre-war levels. The kingdom exported <strong>6.3 million barrels per day<\/strong> in early July as traffic through the <strong>Strait of Hormuz<\/strong> picked up following an interim peace deal between Washington and Tehran.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways US Nonfarm Payrolls rose by only 57,000 in June, significantly missing the consensus estimate of 113,000 and marking 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