Not too hot, not too cold. But not, alas, just right.

The economy added a healthy 223,000 jobs last month, the Labor Department reported Thursday, but with other indicators showing wages flat and many Americans remaining on the sidelines, the overall economic picture for workers was not nearly as bright.

Although the unemployment rate fell to 5.3 percent, the lowest in seven years, that was driven largely by an exodus from the work force, rather than more people finding jobs. Moreover, the strong payroll gains for April and May, which had led many analysts to conclude that the economy might finally be gaining momentum, were revised downward by 60,000 jobs.

“This was an O.K. report, but the unemployment rate didn’t go down for the right reasons,” said Liz Ann Sonders, chief investment strategist at Charles Schwab.

Perhaps most discouraging, average hourly earnings didn’t budge in June despite the drop in the unemployment rate from 5.5 percent in May, disappointing hopes that wages were finally increasing for most workers. It was a strong sign that plenty of slack remains in the job market, and that companies do not yet feel much pressure to raise pay to attract needed employees.

More at source: WSJ 

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