“This isn’t a terrible report by any means but it’s certainly disappointing. The lack of wage growth continues for another month while the labor market’s improvement certainly stalled. In terms of the Federal Reserve, one report never really changes the general narrative and this one certainly does not. We still think the Fed is on track to raise rates later this year but broadly speaking, the data is not coincident with a more rapid pace of tightening than is currently envisioned.” –Dan Greenhaus, BTIG
“The jobs report was solid, but still a bit of a disappointment, starting with the gauge of job creation. The economy created 223,000 jobs during June, which was modestly below expectations. Perhaps the greater disappointment was the downward revision to estimated job creation in prior months, which trimmed 60,000 off the cumulative number. That net increase of 163,000 for the month represented a shortfall of nearly 70,000 relative to expectations.” –Jim Baird, Plante Moran Financial Advisors
“The 223,000 increase in U.S. payrolls in June was a bit weaker than we had expected but is offset to some degree by the fall in the unemployment rate, to 5.3% from 5.5%. As such, we still think there’s a good chance that the Fed will hike rates in September.” –Paul Dales, Capital Economics
Chosen excerpts by Job Market Monitor. Read the whole story at Economists React to the June Jobs Report: ‘Certainly Disappointing’ – Real Time Economics – WSJ.
The Employment Situation in June | The White House
Our economy has now added 5.6 million jobs over the past two years, the strongest two-year job growth since 2000. But despite this progress, there is more work to do. We must continue to build on the positive trends underlying our economy by ensuring that Americans working overtime receive a fair day’s pay, opening new markets for U.S. goods and services through expanded trade, increasing investments in infrastructure, providing relief from the sequester, and raising the minimum wage.
Chosen excerpts by Job Market Monitor. Read the whole story at The Employment Situation in June | The White House.