The US labor market came in just a touch hotter than expected, adding 206,000 jobs in June. Meanwhile, the unemployment rate unexpectedly rose from 4.0% in May to 4.1% in June.
minimum wage is still $7.25 an hour and workers are not getting more rights
adding jobs does not help
It’s a bit misleading to only mention the federal baseline many states have higher minimums.
I currently live in one without a higher minimum wage and McDonald’s starting pay is $16, much more than it’s probably politically feasible to raise the federal minimum wage. $16 isn’t much but it’s a lot more than $7.25.
"In May, the labor market continued to come into better balance — with openings holding steady and separations remaining low," Elizabeth Renter, senior economist at NerdWallet, said in a written commentary earlier this week, adding that the new data was “further encouragement that the current labor market supports continued inflation moderation and that a September rate cut could still be at play.”
Emphasis is mine.
Please let there be a rate cut 🙏🏻
A rate cut in September would definitely help the democrats reelection chances in November, and right now we need any boost we can get.
Here is the archive link.
