WASHINGTON,
DC – Jason Furman, Chairman of the Council of Economic Advisers, issued
the following statement today on the employment situation in July.
Summary:
The economy added 255,000 jobs in July, as the unemployment rate held
steady, labor force participation rose, and wage growth picked up.
The
economy added 255,000 jobs in July following robust job growth in June,
as the unemployment rate held steady at 4.9 percent and labor force
participation rose. U.S. businesses have now added 15.0 million jobs
since private-sector job growth turned positive in early 2010, and the
longest streak of total job growth on record continued in July. So far
in 2016, job growth has averaged a solid 186,000 jobs a month, well
above the pace needed to maintain a low and stable unemployment rate,
and nominal hourly earnings for private employees have increased at an
annual rate of nearly 3 percent so far in 2016, much faster than the
pace of inflation. Nevertheless, more work remains to sustain faster
wage growth and to ensure that the benefits of the recovery are broadly
shared, including investing in infrastructure, implementing the
high-standards Trans-Pacific Partnership, raising the minimum wage, and
guaranteeing access to paid parental leave.
The complete statement is available here.
Source: The White House, Office of the Press Secretary
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