New York ( CBS Marketwatch): Economists said Friday’s June jobs report showed a labor market that was “roaring back,” with the U.S. creating 224,000 jobs, easily beating the 170,000 forecast.
• “The U.S. labor market came roaring back in June, with 224K jobs being created, well above the consensus forecast. That was in line with our expectations and the encouraging readings on jobless claims, and was only slightly offset by -11K in revisions to the prior two months together. The unemployment rate ticked up but that was a reflection of the increase in the participation rate, which still has room to rise further ahead.” — Katherine Judge, CIBC Economics.
• Jared Bernstein, former chief economist to Joe Biden, said there was a “nice pop” on jobs but asked where the wage pressure is. The average wage paid to American workers rose 6 cents to $27.90 an hour.