ALL THE MONEY NEWS YOU NEED TO KNOW | | | | | | Swapna Venugopal Ramaswamy | National Housing and Economy Correspondent @SwapnaVenugopal | | | | |
Happy, Friday, dear TDM readers! |
Payroll gains for May and June were revised down by a total of 49,000, portraying a somewhat softer spring labor market than believed. The June rise in employment was downgraded to 185,000 from 209,000. As a result, June and July mark the first months of sub-200,000 job gains since December 2020. |
Average hourly earnings rose 14 cents to $33.74, keeping the yearly increase at 4.4%. Although pay increases have slowed from more than 5% last year, they're still too high for a Federal Reserve seeking to push them down to 3.5% or lower to align with its 2% overall inflation target. | Sign that reads now hiring all shifts. Getty Images |
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