US Job Growth Slows in June, Unemployment Rate Falls to 3.6%

US job growth slowed in June, with nonfarm payrolls increasing by 209,000 jobs, below economists' expectations. However, the unemployment rate fell to 3.6% and wage gains remained fairly strong. Despite the slowdown, the labor market remains tight, defying predictions of a recession. The Federal Reserve is expected to resume raising interest rates later this month. Some economists argue that worker hoarding is masking weakness in the economy, and there are concerns that the slowdown in wage growth could impact consumer spending.