The Labor Department reports 138,000 new jobs were created in May. Economists expected 185,000. The unemployment rate fell 4.3% from 4.4% and touched the lowest level since 2001. The decline was more due to people leaving the work force rather than finding jobs. Average hourly pay rose 0.2% to $26.22. Over the past 12 months it’s s increased 2.5%.
The Labor Department reports retailers lost 6,1000 in May. The fourth straight month of losses and the sixth time in eight months. Retail is retreating while the U.S. economy is expanding. Department stores lost 3,700 jobs and “other general merchandise stores” like Wal-Mart Stores and Target lost 2,500. Nonstore retailers have added 28,800 positions over a past year, a sign of the shift toward Amazon and other online sellers.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
