“Sure the addition of 223,000 jobs and a 5.3% unemployment rate is nice, but is that really the best you could be doing?”
On the surface, June 2015’s jobs report from the Department of Labor was pretty solid. With 223,000 job increase and a 5.3% unemployment rate – the lowest in seven years – it’s a healthy way of saying that for the most part, these numbers are good.
Not great, but good.
The problem however, these numbers are far from a full economic recovery. The combination of flat wages and a decline in the nation’s workforce has held the US back from making this something to celebrate about. Not to mention the whole Greece defaulting fiasco doesn’t help matters, even though the US would only feel a ripple compared to the nations in Europe if it were to break bad.
Also a case can be made that the economy lost 60,000 jobs – with the April and May revisions – along with the fact that the labor force shrank by 432,000 in June. So while 223,000 new jobs might look impressive, in reality, it’s nowhere close to the economy people were expecting.
For analysts, June has always been a rough month for jobs numbers, because of the influx of college graduates that are now entering the sidelines waiting to become part of the national workforce. So that’s why many take a major grain of salt when it comes to summer’s job figures.
So as any economist would tell you – in this time of year – sometimes you have to live with “meh.”
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