The U.S. economy added 288,000 jobs in June, according to the new jobs report from the Bureau of Labor Statistics. The unemployment rate dropped from 6.3 to 6.1 percent.
On top of that good news comes positive revisions for job gains in May and April. The May report was revised up from 217,000 jobs to 224,000, and the April report was boosted from 282,000 to 304,000. Average hourly wages are up two percent since last June.
A big month wasn’t unexpected. Economists predicted that the U.S. economy added 215,000 jobs in June, and the private payrolls provider ADP pegged June’s job growth at 281,000. The U.S. economy has now added over 200,000 jobs a month since February, the kind of growth unseen since the tech boom in 1999 and 2000. Last month, the U.S. finally recovered all jobs lost during the recession.
Now the requisite cold water: not everything is suddenly great. The economic recovery is still moving along, but it’s not now suddenly boosting everyone ahead. The number of long-term unemployed Americans dropped by 293,000 to 3.1 million in June, but some of that drop could be the result of people dropping out of the labor force. The unemployment rate for black Americans dropped in June, but it’s still at 10.7 percent, well above the 5.3 percent rate for white Americans. The number of involuntary part-time workers increased in June by 275,000.
And as the left-leaning Economic Policy Institute showed last month, there’s still a massive shortfall in jobs when you look at the growth of the potential labor force: (Economic Policy Institute)
So there’s obviously a ways to go. But the last five months of jobs growth have been incredibly promising, suggesting that the recovery actually, really this time is getting serious. This report is, by-and-large, very good news.
- 1 Amid DNC Drama, Women Focus on Clinton’s Milestone
- 2 Bill Clinton Tries to Humanize His Wife With a Political Love Story
- 3 Can Hillary Clinton Succeed on the Hill Where Obama Didn’t?
- 4 Clinton’s Little-Known, Lifesaving Legislative Victory
- 5 Clinton Prepares Fast Push on Criminal Justice, Police Reform
What We're Following See More »
If a new poll is to be believed, Hillary Clinton has a big lead in the all-important swing state of Pennsylvania. A new Suffolk University survey shows her ahead of Donald Trump, 50%-41%. In a four-way race, she maintains her nine-point lead, 46%-37%. "Pennsylvania has voted Democratic in the past six presidential elections, going back to Bill Clinton’s first win in 1992. Yet it is a rust belt state that could be in play, as indicated by recent general-election polling showing a close race."
"President Barack Obama has chosen Jackson Park, a lakefront park that once hosted the world’s fair on the city’s South Side, for his $500 million presidential library, according to a person familiar with the matter."
Wednesday was the third night in a row that the Democratic convention enjoyed a ratings win over the Republican convention last week. Which might have prompted a fundraising email from Donald Trump exhorting supporters not to watch. "Unless you want to be lied to, belittled, and attacked for your beliefs, don't watch Hillary's DNC speech tonight," the email read. "Instead, help Donald Trump hold her accountable, call out her lies and fight back against her nasty attacks."
The Clintons will retain their Secret Service "code names from the last time they lived in the White House. Hillary Clinton is EVERGREEN and Bill ClintonEAGLE. Donald Trump is MOGUL, according to reports, and Melania Trump MUSE. The vice presidents get code names, too: Mike Pence is HOOSIER—a little on the nose—and his wife HUMMINGBIRD. Tim Kaine is DAREDEVIL, somewhat ambitiously. His wife's? To be determined."