3 things to know about the June 2017 jobs report
The U.S. economy added a solid 222,000 jobs in June, according to the latest BLS report.
Fears of an economic slowdown were quelled as the U.S. economy added a solid 222,000 jobs in June, more than the 178,000 that economists were expecting, according to the latest BLS report released today. Meanwhile, the unemployment rate ticked up slightly to 4.4 percent.
Three things to know from today's BLS report
Reactions to the report: Reactions to this morning’s BLS report were mostly positive.
According to The New York Times: “The labor market roared back in June, with a hefty monthly gain in jobs, and revisions that added 47,000 more jobs to April and May than previously reported. … Although the unemployment rate ticked up from the previous month, it did so because more people joined the work force.”
According to The Wall Street Journal: “The economy added a seasonally adjusted 222,000 jobs in June, the largest increase since February, and stronger than what economists expected. Meanwhile, revisions showed job growth was better in April and May than previously thought.”
What about wages?
According to Bloomberg: “U.S. hiring picked up in June while wage gains disappointed yet again, a mix that may continue to be a puzzle for the economy and policy makers.”
According to CNN: “Wages grew 2.5% in June compared with a year ago. That's slightly better than in prior years but well below the goal of 3.5% set by the Federal Reserve. Wages have been one of the last indicators to really pick up momentum since the recession ended in 2009.”
According to Business Insider: “Economists expect wages to be rising at an even faster pace because the unemployment rate is near a postcrisis low, and so there should be more competition for skilled workers. But some Federal Reserve officials have noted that the lower unemployment rate is not lifting workers' pay the way it used to partly because productivity is lower.”
What does this mean? Looking at the big picture, here’s some more context for today’s report and the general health of the economy as we move into the second half of the year.
According to MarketWatch: “The ongoing improvement in the labor market is under scrutiny from a Federal Reserve that’s likely to view the strong June report as another call to action. The central bank has been raising interest rates gradually and withdrawing stimulus to ensure the economy does not overheat.”
According to The Washington Post: “While the current economic expansion is already the third longest in history, an aging population and a relative lack of technological innovation mean that rates of growth have been slower than past boom times.”