America is letting out a collective sigh of relief thanks to an uplifting June jobs report. After an abysmal showing in May, people were boarding up their homes in preparation for financial armageddon. Now, like the rise of Luke Skywalker, a new hope has pervaded the economic ether.
Here’s what you need to know about the job market’s rebound.
The nation’s progress report in five simple talking points.
The legends are true: job growth does exist. The creation of 278,000 jobs crushed initial expectations of 175,000. Even if you exclude the striking Verizon employees coming back to work those are some serious gains.
Job growth has slowed down quite a bit compared to the last couple years, but that’s all just part of the economic cycle. The 142,000 average increase over the last few months is still well above the 125,000 “safety zone.”
Unemployment rose from 4.7 to 4.9 per cent, but don’t be fooled by the jump. What this means is that people are feeling confident enough to rejoin the labor force and are looking for work again.
Hourly wages continued their steady climb in June. The $25.61 average is the highest we’ve experienced during our economic recovery.
Yeah, that. We’ll have to wait until the July jobs report to truly see the impact Brexit had on our economy. For now, it means that any potential increase in the FED rate will be pushed back even further given the uncertainty in global markets.
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