WASHINGTON (AP) — The June jobs report shows the U.S. economy moving steadily closer to full health, after having shrunk at the start of the year.
The Labor Department reports employers added 288,000 jobs last month, far more than economists had been expecting. It also revised the job gains for April and May upward. The gains were widespread, with only construction still appearing slow. Over the past 12 months, the economy has added nearly 2.5 million jobs.
Meanwhile, the unemployment rate fell to 6.1 percent, its lowest level since September 2008.
Despite the improving job market, most employers still have plenty of applicants to choose from, and many workers with jobs don’t have enough confidence to look for better-paying ones. While the number of long-term unemployed has dropped to a little more than 3 million, the data suggest that many have given up their job searches.
Combine that with a lack of strong wage growth, and the Federal Reserve may not feel pressure to start raising short-term interest rates any time soon.
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138-w-30-(Jerry Bodlander, AP correspondent, with Stuart Hoffman, chief economist, PNC Bank and Hugh Johnson, chairman, johnson Advisors)–The government says job growth was strong last month. AP correspondent Jerry Bodlander reports. (3 Jul 2014)
< 139-c-19-(Jerry Bodlander, AP correspondent)-“just above 300-thousand”-AP correspondent Jerry Bodlander reports the June jobs reports is a strong one. (3 Jul 2014) < 140-a-17-(Hugh Johnson, chairman, Hugh Johnson Advisors, in AP interview)-“really good numbers”-Economist Hugh Johnson says the report shows the economy is starting to grow. ((longer version of cut in wrap)) (3 Jul 2014) < 141-a-15-(Hugh Johnson, chairmnan, Hugh Johnsoin Advisors, in AP interview)-“every industry group”-Economist Hugh Johnson says this latest report shows job gains across the economy. (3 Jul 2014) < 142-a-05-(Hugh Johnson, chairman, Hugh Johnson advisors, in AP interview)-“had been expecting”-Economist Hugh Johnson says it is a very strong jobs report. (3 Jul 2014) < Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.