{"id":12546,"date":"2026-07-02T13:56:34","date_gmt":"2026-07-02T13:56:34","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/?p=12546"},"modified":"2026-07-02T14:07:04","modified_gmt":"2026-07-02T14:07:04","slug":"us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears\/","title":{"rendered":"US June Jobs Report: Slowing payroll growth quells demand-driven inflation fears"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h4 id=\"h-bottom-line\" class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-2434fd22297845b057596637ae73caa1\">Bottom Line:<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>June payrolls came in below expectations at 57K after last month\u2019s 129K revision. <\/strong>For the Fed, the report threads the needle: job creation is slowing enough to ease concerns about demand-driven inflation without signaling outright deterioration<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A retracement in the unemployment rate (which fell to 4.2%) was a product of declining labor force participation, and therefore, lower recorded unemployment<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While we continued to see signs of broadening payroll growth, the slowing pace of job creation helps ease concerns about the trajectory of (demand-driven) inflation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We know that average hourly earnings garnered more weight in a backdrop where inflation is the most pressing concern. In June, average hourly earnings rose by +0.3% m\/m, nudging the year over year pace at 3.5% which is still strong but still below the pace of May inflation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here are the four themes that stood out in this morning\u2019s report:<\/p>\n\n\n\n<p class=\"has-rbc-bright-blue-color has-text-color has-link-color wp-elements-c3d376771c755e7618d1a33c139de0e9 wp-block-paragraph\"><strong>1) Sectoral broadening continued in the June report<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-chevron-list\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Despite a muted payrolls print, we are still seeing signs of broadening out in June. Only one-third of job creation was accounted for by health care and social assistance \u2013 in 2025 this sector accounted for the vast majority of hiring.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Surprisingly, leisure and hospitality (-61K) more than reversed May job gains (+40K). Within the sector, the decline was broad-based in accommodation, food services, and performing arts ad spectator sports.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Professional and business services continued to add jobs (+36K) and professional, scientific, and technical services accounted for two-thirds of gains.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Trade-exposed sectors are no longer shedding jobs. So far in 2026, roughly 200K of the near 400K jobs lost in trade-exposed sectors in 2025 have been added back. In June, jobs continued to be added back in both manufacturing (+3K) and transportation and warehousing (+2K) but with a more subdued pace than in prior months.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"has-rbc-bright-blue-color has-text-color has-link-color wp-elements-dd60368014fdf0a3659f8917e72af956 wp-block-paragraph\"><strong><strong>2) The AI buildout is supporting goods-sector hiring<\/strong><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-chevron-list\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">One story that is likely not going away any time soon is the fact that the AI buildout is supporting the construction sector. Non-residential construction added 17K in June and 71K jobs since January while the residential sector \u2013 which remains in a chokehold amid extremely limited housing demand and has shed -21K jobs since January.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"has-rbc-bright-blue-color has-text-color has-link-color wp-elements-f56e45d516086a33b71084257dab9d5a wp-block-paragraph\"><strong>3)<\/strong> <strong>We saw a massive labor market exodus in June \u2013 this may well be a retirement story<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-chevron-list\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">June is typically a month where we see an influx of new college graduates searching for work. But this past month, the household survey flagged that the size of the labor force contracted by 720k, marking a massive exodus.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">The unemployment rate fell to 4.2% as both the number of unemployed workers and the size of the labor force pulled back. This may well be a story of retirements but could also be a story of prior job seekers dropping out of the labor force.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">The U6 unemployment rate also fell to 7.9%, with part-time workers and unemployed workers declining. &nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">To-date, 27% of unemployed job seekers are considered long-term unemployed \u2013 in line with last month but still elevated.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Both voluntary quits and layoffs fell among unemployed workers. It is important to note that quits only counts unemployed job seekers \u2013 so retirements are not included in that number.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"has-rbc-bright-blue-color has-text-color has-link-color wp-elements-a69d43591d5764b8148f915299f3f8c7 wp-block-paragraph\"><strong>4) Despite a cooling labor market \u2013 the Fed is still expected to be zoned in on inflation<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-chevron-list\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Job creation continues to look strong despite the cooling pace of new hires.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">The good news is that the labor market does not appear to be overheating in June.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Even more consequential was the average hourly earnings print, which rose 0.3%, as expected. This is still considered firm wage growth, but prior to the gas price correction (as of May), real wages were hit by price pressures. Continued wage growth helps consumers recover from this hit, but the winddown of tax refunds will be a headwind at the same time.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">The June jobs data is still expected to allow the Fed to remain squarely focused on inflation \u2013 but will certainly help alleviate concerns of imminent demand- driven inflationary pressures.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a46eab5f22e5&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"6a46eab5f22e5\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"600\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/f5bb44752624403d81bb4198399c99561.png\" alt=\"RBC Economics - Flows show spike in unemployed leaving the US labour force\" class=\"wp-image-12567\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/f5bb44752624403d81bb4198399c99561.png 700w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/f5bb44752624403d81bb4198399c99561.png?resize=300,257 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\tdata-wp-bind--aria-label=\"state.thisImage.triggerButtonAriaLabel\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.thisImage.buttonRight\"\n\t\t\tdata-wp-style--top=\"state.thisImage.buttonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong>About the authors:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Mike Reid<\/strong>&nbsp;is Head of US Economics at RBC. He is responsible for generating RBC\u2019s U.S. economic outlook, providing commentary on macro indicators, and producing written analysis around the economic backdrop.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><em><strong>Carrie Freestone<\/strong>&nbsp;is a Senior US Economist at RBC. She is responsible for generating RBC\u2019s US economic forecasts across GDP, employment, and inflation, and providing macro commentary through publications, presentations, and the media.<\/em><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Imri Haggin<\/strong>&nbsp;is an US Economist at RBC, where he focuses on thematic research. His prior work has centered on consumer credit dynamics and treasury modeling, with an emphasis on leveraging data to understand behavior.<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":318,"featured_media":12138,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","editor_notices":[],"footnotes":"","jetpack_post_was_ever_published":false},"categories":[85,81],"tags":[11,135,58,110],"rbc_econ_content_type":[],"class_list":["post-12546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-us-data-flashes","category-us-analysis","tag-economy","tag-jobs","tag-labour-market","tag-u-s"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>US June Jobs Report: Slowing payroll growth quells demand-driven inflation fears - RBC Economics<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US June Jobs Report: Slowing payroll growth quells demand-driven inflation fears\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears\/\" \/>\n<meta property=\"og:site_name\" content=\"RBC Economics\" \/>\n<meta property=\"article:published_time\" content=\"2026-07-02T13:56:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-07-02T14:07:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/RBC-Economics-Jobs-Labour-market-1.webp?quality=80\" \/>\n\t<meta property=\"og:image:width\" content=\"3067\" \/>\n\t<meta property=\"og:image:height\" content=\"1850\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"viktoriyapanahova\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"viktoriyapanahova\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears\\\/\"},\"author\":{\"name\":\"viktoriyapanahova\",\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/#\\\/schema\\\/person\\\/109dd1bd3c90e818f8159356d46905ea\"},\"headline\":\"US June Jobs Report: Slowing payroll growth quells demand-driven inflation fears\",\"datePublished\":\"2026-07-02T13:56:34+00:00\",\"dateModified\":\"2026-07-02T14:07:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears\\\/\"},\"wordCount\":772,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/wp-content\\\/uploads\\\/sites\\\/23\\\/2026\\\/06\\\/RBC-Economics-Jobs-Labour-market-1.webp?quality=80\",\"keywords\":[\"Economy\",\"Jobs\",\"Labour Market\",\"U.S.\"],\"articleSection\":[\"Data Flashes - US\",\"U.S. Analysis\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears\\\/\",\"url\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears\\\/\",\"name\":\"US June Jobs Report: Slowing payroll growth quells demand-driven inflation fears - RBC Economics\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/wp-content\\\/uploads\\\/sites\\\/23\\\/2026\\\/06\\\/RBC-Economics-Jobs-Labour-market-1.webp?quality=80\",\"datePublished\":\"2026-07-02T13:56:34+00:00\",\"dateModified\":\"2026-07-02T14:07:04+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/#\\\/schema\\\/person\\\/109dd1bd3c90e818f8159356d46905ea\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/wp-content\\\/uploads\\\/sites\\\/23\\\/2026\\\/06\\\/RBC-Economics-Jobs-Labour-market-1.webp?quality=80\",\"contentUrl\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/wp-content\\\/uploads\\\/sites\\\/23\\\/2026\\\/06\\\/RBC-Economics-Jobs-Labour-market-1.webp?quality=80\",\"width\":3067,\"height\":1850,\"caption\":\"RBC Economics - Jobs - Labour market\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/us-analysis\\\/us-data-flashes\\\/us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"US June Jobs Report: Slowing payroll growth quells demand-driven inflation fears\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/#website\",\"url\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/\",\"name\":\"RBC Economics\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/#\\\/schema\\\/person\\\/109dd1bd3c90e818f8159356d46905ea\",\"name\":\"viktoriyapanahova\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/885bcff339d33080f070ec9cbe77fcf3007653305ae17de7827e19af43e61913?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/885bcff339d33080f070ec9cbe77fcf3007653305ae17de7827e19af43e61913?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/885bcff339d33080f070ec9cbe77fcf3007653305ae17de7827e19af43e61913?s=96&d=mm&r=g\",\"caption\":\"viktoriyapanahova\"},\"url\":\"https:\\\/\\\/www.rbc.com\\\/en\\\/economics\\\/author\\\/viktoriyapanahova\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"US June Jobs Report: Slowing payroll growth quells demand-driven inflation fears - RBC Economics","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears\/","og_locale":"en_US","og_type":"article","og_title":"US June Jobs Report: Slowing payroll growth quells demand-driven inflation fears","og_url":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears\/","og_site_name":"RBC Economics","article_published_time":"2026-07-02T13:56:34+00:00","article_modified_time":"2026-07-02T14:07:04+00:00","og_image":[{"width":3067,"height":1850,"url":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/RBC-Economics-Jobs-Labour-market-1.webp?quality=80","type":"image\/webp"}],"author":"viktoriyapanahova","twitter_card":"summary_large_image","twitter_misc":{"Written by":"viktoriyapanahova","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears\/#article","isPartOf":{"@id":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears\/"},"author":{"name":"viktoriyapanahova","@id":"https:\/\/www.rbc.com\/en\/economics\/#\/schema\/person\/109dd1bd3c90e818f8159356d46905ea"},"headline":"US June Jobs Report: Slowing payroll growth quells demand-driven inflation fears","datePublished":"2026-07-02T13:56:34+00:00","dateModified":"2026-07-02T14:07:04+00:00","mainEntityOfPage":{"@id":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears\/"},"wordCount":772,"commentCount":0,"image":{"@id":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears\/#primaryimage"},"thumbnailUrl":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/RBC-Economics-Jobs-Labour-market-1.webp?quality=80","keywords":["Economy","Jobs","Labour Market","U.S."],"articleSection":["Data Flashes - US","U.S. Analysis"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears\/","url":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears\/","name":"US June Jobs Report: Slowing payroll growth quells demand-driven inflation fears - RBC Economics","isPartOf":{"@id":"https:\/\/www.rbc.com\/en\/economics\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears\/#primaryimage"},"image":{"@id":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears\/#primaryimage"},"thumbnailUrl":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/RBC-Economics-Jobs-Labour-market-1.webp?quality=80","datePublished":"2026-07-02T13:56:34+00:00","dateModified":"2026-07-02T14:07:04+00:00","author":{"@id":"https:\/\/www.rbc.com\/en\/economics\/#\/schema\/person\/109dd1bd3c90e818f8159356d46905ea"},"breadcrumb":{"@id":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears\/#primaryimage","url":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/RBC-Economics-Jobs-Labour-market-1.webp?quality=80","contentUrl":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/RBC-Economics-Jobs-Labour-market-1.webp?quality=80","width":3067,"height":1850,"caption":"RBC Economics - Jobs - Labour market"},{"@type":"BreadcrumbList","@id":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/us-june-jobs-report-slowing-payroll-growth-quells-demand-driven-inflation-fears\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.rbc.com\/en\/economics\/"},{"@type":"ListItem","position":2,"name":"US June Jobs Report: Slowing payroll growth quells demand-driven inflation fears"}]},{"@type":"WebSite","@id":"https:\/\/www.rbc.com\/en\/economics\/#website","url":"https:\/\/www.rbc.com\/en\/economics\/","name":"RBC Economics","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.rbc.com\/en\/economics\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.rbc.com\/en\/economics\/#\/schema\/person\/109dd1bd3c90e818f8159356d46905ea","name":"viktoriyapanahova","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/885bcff339d33080f070ec9cbe77fcf3007653305ae17de7827e19af43e61913?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/885bcff339d33080f070ec9cbe77fcf3007653305ae17de7827e19af43e61913?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/885bcff339d33080f070ec9cbe77fcf3007653305ae17de7827e19af43e61913?s=96&d=mm&r=g","caption":"viktoriyapanahova"},"url":"https:\/\/www.rbc.com\/en\/economics\/author\/viktoriyapanahova\/"}]}},"author_meta":{"display_name":"viktoriyapanahova","author_link":"https:\/\/www.rbc.com\/en\/economics\/author\/viktoriyapanahova\/"},"featured_img":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/RBC-Economics-Jobs-Labour-market-1.webp?quality=80&w=300","jetpack_featured_media_url":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/06\/RBC-Economics-Jobs-Labour-market-1.webp?quality=80","coauthors":[],"tax_additional":{"categories":{"linked":["<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/us-analysis\/us-data-flashes\/\" class=\"advgb-post-tax-term\">Data Flashes - US<\/a>","<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/us-analysis\/\" class=\"advgb-post-tax-term\">U.S. Analysis<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">Data Flashes - US<\/span>","<span class=\"advgb-post-tax-term\">U.S. Analysis<\/span>"]},"tags":{"linked":["<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/us-analysis\/\" class=\"advgb-post-tax-term\">Economy<\/a>","<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/us-analysis\/\" class=\"advgb-post-tax-term\">Jobs<\/a>","<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/us-analysis\/\" class=\"advgb-post-tax-term\">Labour Market<\/a>","<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/us-analysis\/\" class=\"advgb-post-tax-term\">U.S.<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">Economy<\/span>","<span class=\"advgb-post-tax-term\">Jobs<\/span>","<span class=\"advgb-post-tax-term\">Labour Market<\/span>","<span class=\"advgb-post-tax-term\">U.S.<\/span>"]}},"comment_count":"0","relative_dates":{"created":"Posted 9 hours ago","modified":"Updated 9 hours ago"},"absolute_dates":{"created":"Posted on July 2, 2026","modified":"Updated on July 2, 2026"},"absolute_dates_time":{"created":"Posted on July 2, 2026 1:56 pm","modified":"Updated on July 2, 2026 2:07 pm"},"featured_img_caption":"RBC Economics - Jobs - Labour market","series_order":"","_links":{"self":[{"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/posts\/12546","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/users\/318"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/comments?post=12546"}],"version-history":[{"count":16,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/posts\/12546\/revisions"}],"predecessor-version":[{"id":12569,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/posts\/12546\/revisions\/12569"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/media\/12138"}],"wp:attachment":[{"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/media?parent=12546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/categories?post=12546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/tags?post=12546"},{"taxonomy":"rbc_econ_content_type","embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/rbc_econ_content_type?post=12546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}