The U.S. job market delivered another upside surprise last month, churning out a better-than-expected 147,000 jobs. The unemployment rate ticked down unexpectedly, too.

Once again, the labor market defies expectations, showing not just resilience but real strength,” said Karen Manna, investment director and portfolio manager at Federated Her

In June 2025, the US economy defied expectations by adding 147,000 jobs, surpassing forecasts. Despite a stable unemployment rate, underlying pressures reveal a cooling labor market influenced by President Trump's policies and global dynamics.