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Hiring Booms in June as Economy Speeds Up

U.S. gains 288,000 jobs in June; Construction adds 6,000.


  • Unemployment drops to 6.1%, lowest since 2008 — but the labor participation rate is still only 62.8%
  • April and May job numbers were also revised upward.

The U.S. produced another big batch of jobs in June and the unemployment rate fell to a nearly six-year low as more people entered the labor force and found work, another strong signal that economic growth has accelerated after a dismal first quarter.

The economy created 288,000 jobs last month, posting a fifth straight gain of 200,000 or more, according to the government’s survey of worksites. The last time that happened was in 1999.

The unemployment rate, meanwhile, fell to 6.1% from 6.3%, based on a separate Labor Department survey of Americans households. That’s the lowest jobless rate since September 2008.

The strong jobs report is further evidence the economy continues to build momentum after an surprising rough patch in the first quarter, when U.S. growth contracted by 2.9%. The first-quarter decline marked the steepest drop in growth outside of a recession since 1947, but economists chalk it up to an a particularly harsh winter and other unusual factors that are unlikely to be repeated soon.

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Source: Wall Street Journal Market Watch

 

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