It’s hard to believe another month has come and gone but alas, we’re on the cusp of hearing about yet another monthly jobs report by the Department of Labor.
According to Reuters, the outlook looks decent. Anticipating approximately 218,000 new jobs to payrolls, that’s above average. Moody’s Analytics senior economist Ryan Sweet told Reuters, “It would be consistent with a noticeable acceleration in growth.”
While experts are forecasting a slight increase in the jobless rate, apparently there’s a silver lining. People are entering the labor force in order to actively look for work. Good news indeed! Previously results could have been misconstrued. A lower jobless rate didn’t necessarily equate to movement. In many instances, fewer people sought employment and simply took a break from pounding the pavement.
As we head full speed into the midpoint of the year, we couldn’t help but wonder what this slowly rebounding job market means for economic growth.
Sweet added in the piece,”We need strong wage growth to really kick the economy into higher gear. Wages are very important for growth in the second half of this year.”