President Obama Praises Economic Progress Following Jobs Report

President Obama applauded a remarkable few weeks of legislative success as he addressed the crowds in Wisconsin. 'America has always done better economically when we're all in it together, when everyone gets a fair shot,' he said. Focusing on the latest jobs report the president maintained his tone of optimism, announcing the 64th straight month of job growth and an economy on the rise. 'We've cut the deficit by more than two thirds, our stock market has more than doubled, restoring 401(K)s form millions of families. That's progress,' he added. Fewer jobs were added to the economy than expected in June, but the unemployment rate was down from 5.5 percent to 5.3 percent, the lowest level in seven years. 223,000 new jobs were created, with the biggest gains in healthcare, business services and retail. But a closer look at the numbers didn't show such a glowing forecast. Workers wages have remained stagnant and labor force participation also fell by 0.3 percent as increasing numbers of Americans have simply dropped out of the work force. April and May's jobs report numbers were also revised down, indicating that the jobs market still has a way to go in terms of recovery. Over the last 12 months wages have only edged up a mere 2 percent while inflation grew by 1.5 percent. The Federal reserve has been scrutinizing the numbers to determine whether a 2015 interest rate hike would be realistic. Low wage inflation is being flagged as an issue. Average hourly earnings remained at $24.95, hinting at continued slack in the labor market.