Slow job growth in second quarter reflects pace of overall economy
Jobs Picture, July 7, 2006
During the second quarter of the year, payrolls grew by 108,000 per month, well off the previous quarter's monthly rate of 176,000, and the slowest quarter since 2003Q3 (when the economy finally pulled out of the jobless recovery).
The unemployment rate held steady at 4.6%, and wages were up 0.5% hourly and 0.8% weekly, reversing May's much weaker wage results.
An important hint from today's report, for example, shows that employment in residential construction fell 6,800 over the past two months, the sector's first back-to-back monthly losses since the spring of 2001.
Employment is down 80,000 in retail this year, reflecting a general weakening in sales in recent months, and also perhaps a decline in hiring needs due to increased Internet purchases.
