The economy added 223,000 jobs in June and the unemployment rate fell to 5.3 percent, according to the June 2015 jobs report released by the Bureau of Labor Statistics today. And while The New York Times can only describe it as “Good, but hardly great,” there is the fact that “The U.S. has now added jobs for 57 consecutive months, a streak that is unprecedented since World War II,” according to FiveThirtyEight.
Confused? Don’t be. Here are three points of insight from today’s report:
Unemployment reaches seven-year low
But take that news with a grain of salt: “Some economists and experts cautioned that the labor force participation numbers from June could be muddled by complex calculations that the government uses to smooth out seasonal fluctuations. Normally in June the workforce swells with college graduates and summer workers; the Department of Labor tries to model the underlying trends, but that modeling is harder in months with such churn,” according to The Washington Post’s blog.
Construction is heating up
The Wall Street Journal’s blog writes “In the sectoral breakdown, one sector stands to do pretty good in terms of jobs added: construction. May construction data yesterday showed a 1.5 percent gain on the month, following an even stronger April. Construction is now at a postrecession-high. So, although there’s been something of [an] anomaly where construction jobs haven’t rebounded to their pre-crisis highs, you can’t build home[s] without hiring workers. Expect this sector to show some solid additions again.”
Higher wages wanted
According to MarketWatch, “The steady cascade of new jobs is still enough to gradually reduce the unemployment rate and whittle down the number of Americans who want a full-time job. Yet 16.7 million people still couldn’t find a job in June, were forced to stick to part-time work or were too discouraged to continue their search. That’s an unusually high number six years into an economic recovery and helps explain why wages and U.S. economic growth lag behind their historical pace.”