The economy in July didn’t generate the number of jobs that experts had expected.
The Labor Department’s employment report showed that 173,000 nonfarm jobs were created compared with the 220,000 that economists had banked on. The unemployment rate still dropped to 5.1 percent from 5.3 percent recorded in June and 5.5 percent in May.
Workers wages have fallen overall since the economic recovery began in 2009, a new study shows. However, this long Labor Day weekend people will be living it up because of low gasoline prices.
In fact, prices at the pump this holiday weekend are at their lowest in 11 years. Thank the glut of oil on the market suppressing prices. In Kansas City, regular was selling for $2.37 a gallon. The national average price at the pump was $2.51 a gallon.
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Despite the more recent downward trend in the stock market over worries about interest rates possibly going up this month and China’s normally booming economy going bust, American workers will enjoy the bonus that low gasoline prices continue to provide.
They’ll drive a few extra miles this holiday weekend, which AAA predicts to be the busiest in seven years with about 35 million travelers going 50 miles or more by car, train and planes.
Be careful out there.