US joblessness remains extraordinarily low, and that’s worth celebrating this Fourth of July. A Bureau of Labor Statistics report on Thursday showed that the unemployment rate slipped to 4.1% in June from 4.2% a month earlier, a number that economists have long considered just about as good as it gets. That’s led investors to cut the likelihood that the Federal Reserve will move to lower policy rates in the coming months.
I’m glad that the labor market is holding up, but this economy still needs a bit of the central bank’s medicine to keep on truckin’ — and it needs it sooner rather than later.
www.bloomberg.com
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