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Even the New York Times Says the June Jobs Report is Misleading

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The economy added a healthy 223,000 jobs last month, the Labor Department reported Thursday, but other indicators, showing wages growing slowly and jobless Americans remaining on the sidelines, painted a grayer picture.

Indeed, while the unemployment rate fell to 5.3 percent, the lowest in seven years, that was driven largely by an exodus of people from the work force, rather than more Americans finding work. Moreover, the strong job gains for April and May, which had led many analysts to predict that the economy was picking up steam, were revised downward by 60,000 jobs.

Despite the drop in the unemployment rate, from 5.5 percent in May, average hourly earnings stayed flat, disappointing hopes that wages were finally increasing for many workers and suggesting that the labor market still has plenty of slack.

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