June jobs report is a ‘Goldilocks story,’ says ex-White House advisor

Washington (July 8)  June's massive jobs beat after May's disappointing data shows the United States is on track to achieving full employment, said Jared Bernstein, a former economic advisor to Vice President Joseph Biden.

The U.S. added 287,000 nonfarm payroll positions in June, blowing away estimates for 175,000 and easing fears after May's dismal report showed gains of just 38,000.

That brought the average three-month job gains to 147,000 per month.

The labor force participation rate — which shows the percentage of Americans at work or actively looking for employment — increased to 62.7 percent. Average hourly earnings also increased one-tenth of a percent.

"It's more of a Goldilocks story. You've got wage growth percolating, you've got a trend of about 150K — we'd like to see more — but that does keep you on the path to full employment," Bernstein, now a senior fellow at the Center on Budget and Policy Priorities, told CNBC's "Squawk Box."

"It's impressive that we're adding jobs even as the labor force participation rate is ticking up. That means people are coming in and getting work," he said.

May's job gains were revised down to 11,000, but Bernstein said he discounts the swings.

Anastasia Amoroso, global market strategist at JPMorganFunds, said it was important to note that the overall pace of job creation has been slowing down and will likely continue to do so.

"We're well past the peak, which we saw in February of 2015.The realities that 4.7, or in this case 4.9 percent unemployment, you're starting to run into labor constraints, which is why wages are rising," she told "Squawk Box."

Source: CNBC