Wages Are Stagnant Even As The Unemployment Rate Keeps Falling

CREDIT: SHUTTERSTOCK
CREDIT: SHUTTERSTOCK

The economy added 223,000 jobs in June while the unemployment rate fell to 5.3 percent, according to the latest data from the Bureau of Labor Statistics. Analysts had expected 230,000 jobs to be added. That’s the lowest unemployment rate since April of 2008.

While analysts had expected strong wage growth, there was no change over the month before and wages have grown just 2 percent year over year.

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June job growth was led by professional and business services (64,000), health care (40,000), retail (33,000), food and drinking places (30,000) and financial activities (20,000). Food and drinking places in particular have added 355,000 jobs over the last year, while retail has added 300,000. April and May were revised lower by a combined 60,000 jobs.