Job numbers aside, Greece, U.S. wages weigh on economic outlook

McClatchy reports:

Part of the drop in the unemployment rate came from another dip in the labor force participation rate to levels last seen in 1997. And wage growth was unchanged last month, with average hourly earnings for all employees nationwide on private payrolls at $24.95.

Year-over-year, average hourly earnings have risen just 2 percent. The subdued wage growth translates into stagnant income and dampens consumption, which powers about two-thirds of U.S. economic activity.

Revisions to data from earlier months also took some of the shine off the headline numbers. The Bureau of Labor Statistics now says that May’s sizzling 280,000 jobs was actually a more modest 254,000. April’s 221,000 number was revised down to 187,000.

Combined, there were 60,000 fewer jobs created than first thought. It suggests weaker tailwinds in the spring when the U.S economy was clawing back from a first quarter that saw the economy actually shrink by 0.2 percentage points.

Revisions have been made.