The US economy added more jobs in June than expected (213k versus 195k expected). Unemployment remains low at 4%. Labor force participation rate rose slightly to 62.9%.
But average hourly earnings YoY remained at 2.7% YoY.
The problem is that average hourly earnings YoY was 3.6% YoY when President Obama first took office as President in January 2009. Hourly earnings growth has steadily risen 2010 and has finally grown to the worst month during The Great Recession (June 2008).
It is hard to pick up the economic pieces after a horrific market crash and we appear (after 10 years in the wilderness) to have found our way out.
What happened after The Great Recession? Massive Federal regulation to allegedly prevent a financial crisis happening again. And massive intervention by Central Banks like The Federal Reserve.
At least The Fed’s Target Rate is back to mid-Great Recession level again.