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Economists React: This Jobs Number ‘Stinks’
Economists and others weigh in on the tepid gain in jobs in June and the unchanged unemployment rate. –At the outset, let’s just agree; this number stinks. Job growth of less than 100,000 for the third consecutive month just stinks. However, today’s number is not all fire and brimstone. Yes, the total number of jobs added was low. But there were a number of counterbalancing positives. Income growth picked up, hours worked picked up, construction added jobs again and the participation rate held steady. More broadly though, that we latch onto these modest positives speaks to the bias of low expectations. This was ... (full story)
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