The Ottumwa Courier

AP National

July 3, 2014

US employers added robust 288k jobs in June

WASHINGTON (AP) — U.S. employers accelerated their hiring last month, adding a robust 288,000 jobs and helping drive the unemployment rate to 6.1 percent, the lowest since September 2008.

It was the fifth straight monthly job gain above 200,000 — the best such stretch since the late 1990s tech boom. Over the past 12 months, the economy has added nearly 2.5 million jobs — 208,000 a month, the fastest year-over-year pace since May 2006.

Thursday's jobs report from the Labor Department made clear that the U.S. economy is moving steadily closer to full health after having shrunk at the start of the year.

June's job gain followed additions of 217,000 jobs in May and 304,000 in April, figures that were both revised upward. Monthly job gains so far this year have averaged 230,833, up from 194,250 in 2013.

The unemployment rate dipped last month from 6.3 percent to its lowest level since the financial crisis struck at full force in the fall of 2008 with the bankruptcy of the Wall Street firm Lehman Brothers.

"Since February, this has now become a textbook jobs expansion," said Patrick O'Keefe, director of economic research at the consultancy CohnReznick. "It is both broad and accelerating."

The job gains in June were widespread. Factories added 16,000 workers, retailers 40,200. Financial and insurance firms increased their payrolls by 17,000. Restaurants and bars employed 32,800 more people last month. Only construction, which gained a scant 6,000, appeared to reflect the slow recovery of previous years.

Job growth has averaged 272,000 over the past three months. In May, the economy surpassed its jobs total in December 2007, when the Great Recession officially began.

The number of long-term unemployed has dropped by 1.2 million over the past year to just under 3.1 million. That's half what it was three years ago.

Still, researchers at the liberal Economic Policy Institute estimate that 6.7 million more jobs would have been needed to keep up with population growth.

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