As we head into the holiday weekend, there’s good new to report as per the Department of Labor.
In June, employers added 288,000 jobs and the unemployment rate dropped to 6.1 percent. Can we get a woo-hoo? In addition, the number of jobs created in May was boosted to 224,000 from the original number of 217,000.
Let’s keep in mind 2014 got off to a very slow start thanks to an abysmal winter — in turn, frigid temps and horrid conditions ultimately froze hiring. According to a CBS piece, the new jobs should expedite economic growth. The math is simple: More jobs lead to more money lead to more products and services being purchased.
Jacob Oubina, senior U.S. economist at RBC Capital Markets, told Reuters, “It’s an extremely bullish report. It’s a report that really checks off all the positive boxes. I don’t think you could have asked for a stronger read.”
Need more strong news? Employment has continued to grow for five consecutive months at the rate of more than 200,000 new jobs per month. As per Reuters, this is the first time this has happened since the late 1990s.