Free Markets, Free People

Economic Statistics for 5 Aug 16

255,000 net new jobs were created in July, and the unemployment rate was unchanged at 4.9%, though, as 184,000 people came into the labor force. Average hourly earnings rose $0.06 to $25.96, and the average workweek rose 0.1 hours to 34.5 hours.

America’s international trade gap widened from $-41.1 billion to $-44.5 billion in June. This will put downward pressure on the next 2nd Quarter GDP revision, which is already weak at 1.1% annualized.

Consumer credit rose a soft $12.3 billion overall in June, but revolving credit rose an outsized $7.7 billion, a good sign for consumer spending.


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