The main theme of the report is the analysis of employment in the U.
S. for June 2025. Key findings include a non-farm payroll increase of 139,000 in May, exceeding expectations but offset by significant downward revisions of -95,000 for the previous two months. The three-month average growth was 135,000, considered stable amid declining immigration. The unemployment rate rose to 4.244%, the highest since October 2021. Average hourly earnings grew by 0.4% month-over-month, above expectations. The market reaction was 'hawkish' due to the absence of sharp deterioration in the employment report.