The unemployment rate ticked down to 4.1 percent, according to a jobs report released Thursday by the Labor Department, reflecting the exit of workers from the labor market. The June unemployment rate hovers near a historically low level.

The steady slowdown in US hiring likely continued in June as President Trump’s trade wars, federal hiring freeze and immigration crackdown weighed on the American job market.

Hiring rose modestly from a revised 144,000 in May and beat economists’ expectations of fewer than 118,000 new jobs and a rise in the unemployment rate The U.S. job market has cooled considerably from the red-hot days of 2021-2023 when the economy bounced back with unexpected strength from COVID-19 lockdowns and companies were desperate for workers.

U.S. job growth continued at a steady pace last month, surprising economists who had predicted a slowdown in hiring amid uncertainty over trade and fiscal policy.

The US economy added more jobs than expected in June while the unemployment rate edged down, government data showed Thursday, offering signs of labor market strength despite worries over President