A major red flag was raised on Friday when the U.S. reported that hiring slowed sharply in May to the lowest level since 2010 and it was the third straight decline in job gains.
But it came at a time when unemployment is really low, wages are rising a little, Americans are starting to spend more because they feel better about the economy, and economic growth is expected to pick up this spring.
America’s economy isn’t in crisis mode. Rather, it’s finding a new balance.
“We have a lost a little bit of momentum” in job growth, says Russell Price, senior economist at Ameriprise Financial. But “there are an awful lot of positives that are giving the economy a lot of support right now.”
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