Hicks: Jobs Report Offsets “Dismal” May Numbers
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe U.S. Bureau of Labor Statistics says the national unemployment rate rose to 4.9 percent in June, while 287,000 jobs were added. Ball State University Economist Michael Hicks says the June report "offset much of the dismal news" from the previous month, in which only 11,000 jobs were created.
"With solid job growth and an increase in full time employment, the fears of a general summer slowdown are eased a bit," said Hicks. "The composition of employment strengthened, and wages grew modestly, at roughly the rate of inflation. Labor force participation also rose significantly."
Hicks said the jobs report is in line with other recent reports suggesting the economy continues to grow at a slow pace.