The labor market continues to gain momentum and defy a mixed economy in June as employers added 288,000 jobs, the Labor Department announced on Thursday. The unemployment rate dropped to 6.1% as compared to 6.3% in May. This figure has been recorded to be slowest since September 2008.
The economy has now gained at least 200,000 jobs a month for the past five months, which has been reported to be the first stretch since September 1999 – January 2000. Economists had expected the jobs rate to increase to 215,000 for this month.
In June, businesses added 262,000 jobs, with professional business services, retail and health care leading the broad-based gains. Federal, state and local governments added 26,000. The Labor Department releases a jobs report of the combined number of jobs added by the businesses and government.
Job gains for April and May have also been revised to be up by a total of 29,000. Aprils increase was revised to be 304,000 from 282,000 and May’s to 224,000 from 217,000. April’s total was recorded to be the first time monthly job gains have passed 300,000 since January 2012.
Payroll additions have averaged 272,000 the past three months and 231,000 for the year, vs. 194,000 in 2013. Last month, professional and business services added 67,000 jobs; retailers 40,000; leisure and hospitality, 39,000; and education and health services, 38,000.