The latest jobs numbers are out from the federal government. What do they mean for job seekers and employers? Here’s a quick take from Glassdoor’s Chief Economist Dr. Andrew Chamberlain:
Today’s report shows that when it comes to job creation, slow and steady wins the race. With 215,000 new jobs created and unemployment steady at 5.3 percent, July marks the 58th consecutive month of positive job gains—the longest stretch on record since 1939.
At Glassdoor, we watch hourly wage growth closely. Today’s report showed continued slow wage gains, with average hourly wages up just 2.1 percent from a year ago. Part of the explanation for slow wage growth is companies boosting benefits rather than wages—a trend highlighted by Netflix’s move this week to boost parental leave to workers. By year-end, we’re expecting to see continued tightening in the labor market and are on the lookout for a pick up in hourly wage growth to 2.5-2.8 percent.
All evidence we see at Glassdoor points to a fundamentally strong U.S. labor market today. As Fed policymakers decide whether to return interest rates to normal levels this September, today’s jobs report offers reassurance that we are indeed in normal times, with a healthy and growing labor market.
To speak with Dr. Andrew Chamberlain about today’s jobs report or to discuss labor market trends, contact firstname.lastname@example.org. For the latest economics and labor market updates, follow @adchamberlain on Twitter.