Employment Figures Disappoint.

The labor statistics for the month of June were announced this morning, and they were vastly lower than expected by forecasters. The NYT has this report, and the WSJ this (sub. req'd.)

The forecast of the unemployment rate holding steady were correct. Wage growth slowed as well. This figure represents a number lower than the oft cited 150,000 per month required to meet population growth. It is worth pointing out that recent polling shows worker less secure than economists in the ability of the market to create jobs. Score one for groupthink this month.

Job Watch (part of the Economic Policy Institute--a labor-side think tank) has some interesting stats on underemployment. The Heritage Foundation (a conservative think tank) paints a rosier picture:
Some analysts will see these numbers as a disappointment; they're anything but that. The economy continues to add jobs broadly, and continued growth and positive earnings should see this trend maintained for some time.