US June jobs report shows weak hiring, fuels crypto rally, cuts hospitality jobs

The United States added only 57,000 jobs in June, far below Wall Street forecasts, while the unemployment rate edged down to 4.2% and the labor‑force participation rate slipped to 61.5%, its lowest level since March 2021. The hospitality sector recorded a loss of 61,000 jobs, offset by modest gains in professional services, social assistance, healthcare and government employment.

The softer payroll data reduced expectations of a Federal Reserve rate increase this summer, prompting risk‑on trading. Bitcoin rose above $61,000 and crypto‑related projects such as Pepeto attracted more than $10 million in presale funding, citing the data‑driven market shift as a catalyst for a broader crypto bull run.