The unemployment rate dropped from 5.5% to 5.3% last month. Employment grew sparingly.
The rest of this morning's report reveals the economy continues to struggle as wage growth is stagnant and the labor force participation rate declined.
People still are having trouble finding good jobs, full time jobs, and solid pay in this stagnant slow growth economy.
U.S. creates 223,000 jobs in June, unemployment 5.3% has the summary:
"The economy created 223,000 new jobs in June, reflecting a pickup in hiring that's likely help boost U.S. growth in the second quarter. Yet wages were flat and job gains in the prior two months were reduced, the government said Thursday. . . . The unemployment rate, meanwhile, fell to 5.3% from 5.5% to mark the lowest level since the spring of 2008, but the decline stemmed from more than 400,000 people leaving the labor force. Employment gains for May and April were revised down by a combined 60,000, the Labor Department said Thursday. The government said 254,000 new jobs were created in May instead of 280,000. April's gain was cut to 187,000 from 221,000."
Summing Up
The U.S. economy continues to struggle.
U.S. employees and would-be employees continue to struggle as well.
Inflation is absent and this certainly doesn't support much higher interest rates anytime soon.
That's my take.
Thanks. Bob.
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