The American economy added 151,000 new jobs last month, 90,000 of which were needed to keep up with population growth. This means that net job growth clocked in at a ho-hum 61,000 jobs—all of it in the private sector. The headline unemployment rate ticked down to 4.9 percent. This is not a great result, but all the trends were in the right direction. Labor force participation was up, the number of employed workers was up, and the number of unemployed people declined.
Surprisingly, this produced decent wage growth: both hourly and weekly earnings of production and nonsupervisory employees went up at an annual rate of about 3.5 percent. That’s not bad.