"With competition for workers intensifying, especially at restaurants and entertainment venues, employers are offering higher pay and more flexible hours," according to the Associated Press.
Financial Advisor Mark Grywacheski says he's still concerned with the labor market though. He joined us live Monday, July 5th to explain why.
"We'll have to see if this explosive growth continues in the upcoming months or if June was kind of a one off blip,"
In May and April, the number of jobs created was actually lower than what was forecasted. 583,000 jobs were created in May. 650,000 jobs were expected. 269,00 jobs were created in April. 998,000 were expected to be created though. The unemployment rate went from 5.8% to 5.9% from May to June. Wall Street was actually expecting the unemployment rate to drop to 5.6%. Grywacheski says this lack of downward momentum in the unemployment rate shows the labor market is still not recovering at the speed it should be.
Your Money with Mark airs in between 5 and 5:30 a.m.