Job Growth at Least Stabilizing
June's employment numbers don't look quite so exciting year over year, but given current labor shortages, we'll take stable growth.
The economic news was very mixed this week. Despite a lot of wiggles during the week, the GDPNow forecast for the second quarter was unchanged at 2.7%, compared with last Friday.
On the plus side, the employment report was better than expected with 222,000 jobs added compared with last week's consensus forecast of 189,000 jobs. However, the entire upside surprise was due to a large jump in local government hiring. Wage growth also remained stubbornly slow at just 2.5%. Luckily, those higher wages were enough to entice more workers back into the workforce, which enabled employers to hire some of the positions that had been vacant for some time.