U.S. Employers Keep Adding Jobs but Not Giving Raises
The U.S. added 222,000 jobs during June, which handily beat economist expectations and was an improvement from the 152,000 jobs that were added in May. The unemployment rate (UE) rose by a 1/10th of a percent to 4.4%, but remains low by historical standards. The increase in the UE rate was due to more labor force participants, which is a “good” reason as it indicates more people are actively looking for work.
Absent any other details, these numbers point to a very healthy job market with little in the way of slack. There is one statistic, however, which continues to shine a negative light on the labor market—the lack of substantial wage growth. Average hourly earnings for June came in at 2.5% year over year, below economist estimates and just 0.2% above May’s level. In past periods of strong employment, average y/y hourly earnings growth has been in the 3-4% range.
The correlation breakdown between a low unemployment rate and strong wage gains has been puzzling economists and may be contributing to the lack of overall inflationary pressure in the economy. Despite this economic conundrum, the Federal Reserve appears to be pushing ahead with their plans to let their balance sheet shrink.
Minutes from their June policy meeting were released last week and strongly hinted that the wind-down will begin in September. Moving forward, the number of jobs being created appears to have the most bearing on Fed policy, but inflation, or lack thereof, can’t be too far from Fed official’s minds.
How to Introduce and Position Yourself the Right Way
Introducing yourself – more to getting it right than you think!
What do you say when someone asks you “so what do you do?”
You might say, “I’m a financial advisor”. Or “I’m an investment advisor”. If you’re a top advisor, you might be compelled to say “I’m Vice President and Portfolio Manager”. Or even “I’m a CFA”.
Well put all of those away if you’re introducing yourself to a woman you might want as a client. None of the above will impress her – she might even “run for the door” thinking you’re going to try to “sell” her something.
Your goal is have her say “tell me more about that”.
So what do you say?
Here are 4 quick tips:
- Make it about your clients
- Make it about outcomes
- Make it interesting
- Make it fun
How about something like this: “I help people have their cake and eat it too”. Doesn’t that beg the question “what does that mean” or “how do you do that”.
Okay maybe that’s a bit over the edge but it’s important you make it about the people you help and not about what you do to help people get there.
I help <type of people you serve”> <achieve this>. Something like:
- I help retirees create a sustainable income.
- I help women understand money on their terms.
- I help young couples get a good start towards financial security.
Now you try it! Send us your best one.
Find more resources and follow us through our website www.strategymarketing.ca
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