After an inauspicious start to the year, there has been strong U.S. job growth for the subsequent five months. The BLS presented the country with the ideal Fourth of July gift by announcing that total nonfarm payroll employment increased by 288,000 workers in June.
The sectors adding the greatest number of jobs were:
- Professional and business services
- Retail trade,
- Food services and drinking places
- Health care.
More importantly, July represents the fifth consecutive month that the month-over-the-prior-month change was above 200,000. This is the first time that has happened since the end of the Great Recession.
The June unemployment rate fell to 6.1%, down from 7.5% a year ago. Sadly, the number of unemployed has only declined to about 9.5 million.
Many economists believe strong U.S. job growth is on tap for the remainder of the year.
