The June employment report landed well short of expectations. The Bureau of Labor Statistics reported nonfarm payrolls rose by just 57,000 in June, against a Dow Jones consensus of 115,000 and a range of Wall Street estimates that ran as high as 180,000 from more bullish shops like RSM. The unemployment rate fell to 4.2 percent from 4.3 percent, a move that would ordinarily read as a positive but instead is consistent with people leaving the labor force rather than a genuine acceleration in hiring.