WASHINGTON (NEXSTAR) – On the minds of voters this summer is how much things cost and on the heels of July 4th there are signs the economy is slowing.
The U.S. added 206,000 jobs but the unemployment rate is now over 4%.
“This is another in a long series of strong, solid jobs reports,” said White House Economic Advisor Jared Bernstein.
The Bureau of Labor Statistics says it’ll now cost you $122 to buy what used to cost $100 before the pandemic.
Economic advisor Jared Bernstein says Americans now make an average of $35 an hour, up nearly 4% since last year.
He says that wage growth outpaces inflation.
“That means people have a bit more buying power, a bit more breathing room,” said Bernstein.
The mixed report shows the higher unemployment rate is partly because nearly 300,000 people entered the job market.
“It isn’t that the job market is crashing. What it’s doing is it’s cooling,” said Mark Hamrick of Bankrate.
Mark Hamrick of Bankrate says he’ll watch closely to see how high the unemployment rate goes.
“I don’t think this report represents a lot to worry about but I do think that it raises the urgency in terms of monitoring the economy and the job market for further weakening,” said Hamrick.
Bernstein says the report is a good sign.
“I think stabilizing, normalizing the job market is exactly where we need to be,” said Bernstein.
