The economy is roaring back to life according to a recent federal report. Employers added a whopping 222,000 nonfarm jobs in June, more than the predicted 179,000.
Chief United States economists for High Frequency Economics Jim O’Sullivan said of this new report:
“The payroll number is well above expectations. It’s pretty clear that the trend in employment growth is strong enough to keep the unemployment rate trending down.”
Previous month’s numbers have also been revised up- from 138,000 to 152,000 in May, and from 174,000 to 207,000 in April.
Chief economist for the Conference Board Gad Levanon said: “The strong job growth in June and the upward revisions for May and April suggest that the concerns about a major slowdown in job growth were premature,”
“The strong job growth in June and the upward revisions for May and April suggest that the concerns about a major slowdown in job growth were premature.”
Wage growth, however, has been slow. The Federal Reserve offers this reason:
“Despite the broad-based strength in measures of employment wage growth has been only modest, possibly held down by the weak pace of productivity growth in recent years.”
Labor-force participation rate increased to 62.8%, and new jobs were more full-time than part-time. Full-time positions grew by 355,000, while part-time decreased by 224,000.
Overall seems like great news for President Trump- he’s leading America to strong economic growth, and he hasn’t even started the major business reforms he has planned yet!
Source: Liberty Writers
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