John Irons's Blog


Economic News, Data and Analysis

Slow growth

Looks like job growth is still weak… just 146,000 job increase… just about equal to population growth.

June job growth increases but falls short of forecasts – Jul. 8, 2005
The Labor Department’s monthly employment report showed 146,000 jobs added to payrolls in June, up from the revised 104,000 jobs added in May. But economists surveyed by had forecast a net gain of 195,000 jobs last month.
Still the unemployment rate, which is based on a different survey, fell to 5 percent from 5.1 percent in May. Economists had forecast the rate would remain unchanged at 5.1 percent.
The unemployment rate is the lowest it has been since September 2001, the month of the 9/11 terrorist attack.
The average hourly wage edged up 3 cents to $16.06. That was in line with the forecasts of economists and lifted the hourly wages 2.7 percent over the last 12 months. Consumer prices are up about 2.8 percent in the 12 months ending in May, according to an earlier Labor Department report, meaning that the average hourly worker is narrowly losing ground in his or her paycheck.


Filed under: Economy

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