The Bureau of Labor Statistics (BLS) provides the May jobs report. Top line job gains were moderate at 75,000 and the unemployment rate holds steady at 3.6%. However wage growth of 3.1%, and a monthly shift of 299,000 jobs from part-time to full-time reflects tight labor market in specific Main Street (blue and white collar) jobs.The overall gain of 75,000 for May is low considering the economic growth. However, a review of the underlying data tells a story of a tightened labor pool; specifically inside the Main Street, middle-class, blue and white collar labor market.
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