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.

Tesla Inc. saw its first increase in vehicle deliveries from its Shanghai factory this year, with the US automaker potentially buoyed by the clearance of regulatory hurdles for its advanced driver-assistance features.