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.

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.

The U.S. added 147,000 jobs in June, soundly beating estimates and offering a much-needed sign that the economy remains in relatively solid shape.