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Economy adds 288k jobs in June; jobless rate falls to 6.1 percent
America’s hiring spree kicked into full gear in June as the economy added more than 200,000 jobs for the fifth month in a row, according to government data released Thursday.
The streak is the longest since the late 1990s and provides convincing evidence that the recovery has rebounded after unexpectedly shrinking during this year’s harsh winter. The Labor Department reported 288,000 net new jobs were created in June, and the unemployment rate dropped to 6.1 percent.
“We’re achieving escape velocity," said Joseph LaVorgna, chief U.S. economist at Deutsche Bank. "It's all there for some real strength."
Markets jumped on the news Thursday, with the blue-chip Dow Jones average up nearly 0.5 percent in morning trading -- and breaking 17,00o for the first time. The broader Standard & Poor's 500-stock index was up 0.4 percent.
The solid numbers reinforced other encouraging data released this week suggesting the economy may finally be ready for liftoff. Auto sales -- a consistently bright spot in the recovery -- heated up even more in June. They clocked in at 17 million at an annualized rate for the best month in eight years. In addition, a closely watched private indicator of the labor market by human resources consulting firm ADP offered a similarly stellar prediction 0f 281,000 jobs added last month. The spike was driven in part by the construction industry, which created the most jobs since 2006.
Perhaps most important, Gallup found that 45 percent of Americans were working full-time in June, one of the highest rates since the polling company began tracking the figure in four years ago.
Economy adds 288k jobs in June; jobless rate falls to 6.1 percent
America’s hiring spree kicked into full gear in June as the economy added more than 200,000 jobs for the fifth month in a row, according to government data released Thursday.
The streak is the longest since the late 1990s and provides convincing evidence that the recovery has rebounded after unexpectedly shrinking during this year’s harsh winter. The Labor Department reported 288,000 net new jobs were created in June, and the unemployment rate dropped to 6.1 percent.
“We’re achieving escape velocity," said Joseph LaVorgna, chief U.S. economist at Deutsche Bank. "It's all there for some real strength."
Markets jumped on the news Thursday, with the blue-chip Dow Jones average up nearly 0.5 percent in morning trading -- and breaking 17,00o for the first time. The broader Standard & Poor's 500-stock index was up 0.4 percent.
The solid numbers reinforced other encouraging data released this week suggesting the economy may finally be ready for liftoff. Auto sales -- a consistently bright spot in the recovery -- heated up even more in June. They clocked in at 17 million at an annualized rate for the best month in eight years. In addition, a closely watched private indicator of the labor market by human resources consulting firm ADP offered a similarly stellar prediction 0f 281,000 jobs added last month. The spike was driven in part by the construction industry, which created the most jobs since 2006.
Perhaps most important, Gallup found that 45 percent of Americans were working full-time in June, one of the highest rates since the polling company began tracking the figure in four years ago.
