new york july 7 reuters  us job growth slowed more than expected in june after surging in the prior month but labor market conditions remain tight with the unemployment rate retreating from a sevenmonth high and fairly strong wage gains continuing nonfarm payrolls increased by 209000 jobs last month the labor department said on friday may payrolls were revised lower to up 306000 from up 339000 economists polled by reuters had forecast payrolls rising 225000 the unemployment rate slipped to 36 from 37 in may read more stocks sp emini futures briefly turned higher but were last down 02 bonds the yield on 10year treasury note eased after the number but was last up 17 basis points from late thursday at 4058 the twoyear us treasury yield fell and was down 31 basis points from thursday at 4975 forex the euro turned slightly higher and the dollar index dxy was off 023 comments this is probably not going to be seen as a payroll report that the fed takes a big sigh of relief and thinks that theyre done if anything it probably confirms this idea that the fed has had that they are making progress in the right direction its not like this is a sudden vast improvement in the labor market “despite the first miss versus consensus on headline nfp in 15 months the us economy continues to create jobs at a healthy clip with 209k jobs added in june” “other areas of the report also continue to point to incredible labor market tightness” “of note for the feds hawks earnings growth quickened to 04 mom giving some further ammunition to the more aggressive members of the fomc” “overall though the jobs data shant prove a gamechanger in terms of policy with a 25bps hike at the end of the month remaining nailedon and plenty more data due before the following fed meeting in september at which we shall discover whether policymakers will fully deliver on the 50bps of additional tightening signaled in the recent dot plot the rather apathetic market reaction to the data stems from this point with traders knowing that the jobs report does little to move the macro needle too significantly” brian jacobsen chief economist at annex wealth management menomonee falls wisconsin “the job gains were still strong but the canary in the coal mine is that those employed parttime due to economic reasons surged by 452000 a simple headcount glosses over whether those jobs are resulting in more actual hours worked the hours worked numbers are rising slower than the payrolls numbers the job market is still strong but it’s becoming more superficially so”