Private job growth has been less than hoped for but positive nonetheless. Private payrolls increased 630,000 since January 1. In the first half of the year, private labor income increased in all components: hours worked, employment and wages. Hours worked have risen more rapidly than employment, which is typical for the early stages of an economic recovery.
In fact, we are experiencing a better pace of recovery this time than at this point in our previous two economic recoveries. In addition, since the second quarter of 2009, personal income growth has increased 2.8 percent, consumption is up 1.6 percent, investment in equipment and software is up 15 percent, and housing is up 5.3 percent.