The Bureau Of Labor Statistics Essay

980 WordsAug 7, 20164 Pages
The Bureau of Labor Statistics has released its report for July 2016, and the numbers have some people speculating that a real recovery may be at hand. Wages have been rising consistently for the past few months; the average hourly wage for July was $25.69. The unemployment rate was 4.9 percent for July, which was the same as June but 0.2 percent higher than May. Jobs are increasing; the July change was 255,000, which was a bit lower than the 292,000 reported for June but significantly greater than the pitiful 24,000 reported for May. At first glance, it appears that the American economy is showing signs of rebounding at an accelerated rate — but is that assessment accurate? Are Rising Wages and Increasing Jobs Sufficient Measurements of an Economic Recovery? The numbers look promising, but it might not be wise to read too much into them. The data for wages and new jobs must be examined in detail to evaluate what the numbers actually mean. Furthermore, other factors need to be considered as well before the celebration can begin. The average hourly earnings for June and July have yet to be finalized, but the BLS is projecting $25.61 for June and $25.69 for July. If July 's projection holds, it represents an increase of $0.31 over January 2016, which equates to approximately 1.22 percent. However, economists are not discussing the potential impact on average earnings resulting from the minimum wage increases in 14 states that went into effect on January 1. Some of the
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