Associated Press Economics writer, Jeannine Aversa details the specifics.
Employers boosted payrolls by a tepid 121,000 in June _ an improvement from the previous month but new evidence that companies are reluctant to bulk up their work forces in the face of high energy prices and slowing economic growth. Wages rose sharply.
So, Jeannine, is this really good or bad news?
I understand economics is difficult. Heck, as a small business owner, I can confirm that in spades! But look at these numbers.
The pickup in payrolls last month followed a gain of 92,000 in May, which turned out to be slightly higher than the 75,000 positions first reported. April's payrolls, however, turned out to be lower, showing a gain of 112,000, rather than the 126,000 previously estimated.
What kills me is that the "experts" are almost always wrong! So, when they make a prediction, how much credence can we give it?
The count of new jobs added in June was the most since March but fell short of economists' forecasts for an increase of 160,000 new positions.
I guess economic forecasting is a lot like baseball. If you fail 6 out of every 10 times, you wind up in the Hall of Fame. Good work if you can get it, I guess.
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