The Biden Labor Dept. and Wall street might be excited by this….
(Biden & Co also)
Some of us won’t….
Me?
I STILL see ‘Help Wanted’ signs everywhere….
Airlines are cancelling flight cause they don’t have enough help….
Some business’s have slowed their services because they don’t have enough workers….
And?
Covid is making another round of visits to the workforce…
(Recession seeds breaking into the sun light?)
So?
When the Labor people adjust these figures next month?
Things might be a bit different ….
And?
The economy isn’t REALLY getting better even if the gas prices are dropping to a $4.50 a gallon average….
Oh, I spoke to one of my sons who picked up dinner for family and wasn’t happy the owner was jacking up his prices….
The U.S. economy powered through June with broad-based hiring on par with recent months, keeping the country clear of recession territory even as inflation eats into wages and interest rates continue to rise.
Employers added 372,000 jobs, the Labor Department reported Friday, and the unemployment rate, at 3.6 percent, was unchanged from May and near a 50-year low.
Washington and Wall Street had keenly awaited the new data after a series of weaker economic indicators. The June job growth exceeded economists’ forecasts by roughly 100,000, offering some reassurance that a sharper downturn isn’t underway — at least not yet.
But the strength of the report, which also showed bigger wage gains than expected, could give the Federal Reserve more leeway for tough medicine to beat back inflation. Now, all eyes will be watching whether the Fed’s strategy of raising interest rates pushes the country into a recession that inflicts harsh pain.
Employment growth over the last three months averaged 375,000, a solid showing though a drop from a monthly pace of 539,000 in the first quarter of this year. Employers have continued to hang on to workers in recent months, with initial unemployment claims rising only slightly from their low point in March.
The private sector has now regained its prepandemic employment level — an achievement trumpeted by the White House on Friday — though the level is still below what would have been expected absent the pandemic. Other than the public sector, no broad industry lost jobs in June, on a seasonally adjusted basis….
…
Sky-high prices are weighing on consumer spending. Savings are shrinking. The labor force remains constrained by aging demographics, low levels of immigration and barriers to work — such as the availability of care for children and older family members — that keep many people on the sidelines….
…
In one concerning signal, the share of people in the prime of their careers — from 25 to 54 years old — who are either working or looking for work dropped in June to 82.3 percent from 82.6 percent, well below the prepandemic high of 83.1 percent.
The report contained signs that Covid-19 is still a lingering worry, with 2.1 million people saying they couldn’t work in June because their employer closed or lost business as a result of the pandemic, compared with 1.8 million the previous month. Also, as inflation remains high, some people may be retreating from the job market simply because it’s too expensive to keep working….
Note…
The Fed is about hike up interest rates even more….
Housing a big ticket items gonna to keep slowing down….