.marked a significant improvement over May’s 583,000 job gain and beat Wall Street expectations of about 700,000. The unemployment rate was little changed at 5.9 percent.
At the same time, the number is probably not strong enough to change the view of Federal Reserve Chair Jerome Powell that the economy continues to require emergency assistance in the form of rock-bottom interest rates until the labor market heals even further.
The leisure and hospitality industry, which has complained of a labor shortage, saw the largest gains, adding 343,000 jobs last month. Overall, wages grew 0.3 percent from the previous month, in line with expectations, and are now up 3.6 percent from this time last year. That figure may need to rise even more to get more workers off the sidelines.
Unemployment among women and Black Americans, who made up a disproportionate share of the jobs lost to the pandemic because of the lockdowns’ hit to service-sector jobs, ticked up in June after both groups added more workers. Republicans have blamed enhanced pandemic unemployment benefits for keeping Americans from going back to work. Federal programs offer an extra $300 a week to the jobless and broadly extend eligibility to most laid-off workers.
Hello GQP GOP
LivePOLITICO POLITICOEurope Twitter jack TwitterSafety Facebook elonmusk Good .. and also, finally after a long time today I noticed that my feed was completely unrelated to life --- politicos loosing interest, i guess? Either that or I am completely cured of MaDness.
Reality doesn’t matter. Low job growth numbers are a cue to trigger the “we’re in a depression” panic button; robust job growth as in this month’s report triggers the “inflation, the US is Brazil” panic button.