Record Employment and Low Unemployment, but Falling Income: Understand How the Job Market Was at the End of the First Half of the Year.

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Unemployment fell again in the second quarter, after a decline that traditionally occurs at the beginning of the year. The period of layoffs of workers hired for the end of the year is over, and the labor market ended the first half of the year with record employment, falling unemployment, and the highest level ever recorded of workers with formal employment contracts. Income, however, declined for the second consecutive month, which economists …