HONOLULU (HawaiiNewsNow) - It's time for Howard's Illustrated Economics. This morning, the new unemployment report!
U.S. unemployment fell two tenths in June to 5.3%. Pretty good, huh? Well, sure, it's good, and a lot of people will be happy about.
June saw 230,000 more jobs, which is also good. But the job counts for the previous two months were revised to be less good than originally estimated. And in June the number of people in the labor market fell.
That's bad news, when people drop out of the job market, even if some of the working in the all-cash gray market economy. It raises the question of how real the job improvement is.
Another good thing in the report - new hiring has spread to higher-paying white collar jobs, which will increase consumer spending to a greater degree than when the hiring was confined to low-paying service positions.