U.S. Employers Added Robust 288k Jobs in June - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

U.S. Employers Added Robust 288k Jobs in June

Posted:
(Photo: MGN) (Photo: MGN)
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.
    
Friday's 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 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.
    
The gains were widespread. Factories added 16,000 workers. Retailers brought on 40,200. Financial and insurance firms increased their employee ranks by 17,000.
    
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 is half what it was three years ago.
    
Still, economists at the liberal Economic Policy Institute estimate that 7 million more jobs would have been needed to keep up with population growth.
    
The challenge is whether the job gains will pull more Americans back into employment and lift wages that have barely budged. Many people who lost jobs during the recession and were never rehired have stopped looking for work. Just 62.8 percent of adult Americans are working or are looking for a job, compared with 66 percent before the recession.
    
Average wages, meanwhile, have grown just 2 percent a year during the recovery, below the long-run average annual growth of about 3.5 percent.
    
Many economists predicted late last year that the steady but tepid recovery would accelerate in 2014. The steady gains over the past four years will finally unleash more hiring and higher wages, they said.
    
But the economy actually shrank in the first three months of this year at an annual rate of 2.9 percent. That's the sharpest quarterly contraction since the recession. Ferocious winter storms and freezing temperatures caused factories to close and prevented consumers from visiting shopping malls and auto dealers.
    
Still, the winter failed to freeze hiring and job growth has continued with little to no interruption. This should help to speed economic growth because more jobs lead to more paychecks to spend.
    
Most economists say annualized growth is tracking 3 percent to 3.5 percent in the current second quarter. Growth over the course of the entire year should be closer to 2 percent for the entire year, roughly similar to the 1.9 percent increase in gross domestic product achieved last year.
    
Other than the weak growth at the start of the year, several other signs point to the improving health of the economy.
    
Auto sales rose at the fastest pace in eight years in June. Dealers unloaded vehicles at an annual pace of 16.98 million last month. Factory orders picked up last month as well, according to a report this week by the Institute for Supply Management.
    
Home sales also strengthened in May, after having sputtered in the middle of last year when higher mortgage rates and rising prices hurt affordability.
  • Delmarvawide NewsDelmarvawide NewsMore>>

  • Shots Fired at Slaughter Beach Home

    Shots Fired at Slaughter Beach Home

    11/19/2017 20:14:00 -05:002017-11-20 01:14:00 GMT
    Sunday, November 19 2017 8:22 PM EST2017-11-20 01:22:52 GMT
    The Delaware State Police are currently investigating an incident in which shots were fired at a home on Bay Avenue.More
    The Delaware State Police are currently investigating an incident in which shots were fired at a home on Bay Avenue.More
  • State Rep. Mary Beth Carozza Announces State Senate Bid

    State Rep. Mary Beth Carozza Announces State Senate Bid

    11/19/2017 20:05:00 -05:002017-11-20 01:05:00 GMT
    Sunday, November 19 2017 8:05 PM EST2017-11-20 01:05:45 GMT
    Republican Mary Beth Carozza, representing District 38 in the Maryland House of Delegates, will challenge Democratic incumbent State Senator Jim Mathias in the 2018 state senate elections.More
    Republican Mary Beth Carozza, representing District 38 in the Maryland House of Delegates, will challenge Democratic incumbent State Senator Jim Mathias in the 2018 state senate elections.More
  • Bridgeville Meth Bust Made In Transit

    Bridgeville Meth Bust Made In Transit

    11/19/2017 18:12:00 -05:002017-11-19 23:12:00 GMT
    Sunday, November 19 2017 6:12 PM EST2017-11-19 23:12:22 GMT
    Delaware State Police arrested a Greenwood man after a traffic stop revealed methamphetamine in the car.More
    Delaware State Police arrested a Greenwood man after a traffic stop revealed methamphetamine in the car.More
  • Most Popular VideosMost Popular VideosMore>>

  • "Hood Fight Salisbury" Cell Phone Videos

    "Hood Fight Salisbury" Cell Phone Videos

    27 cell phone videos depicting brutal streets fights among teenagers in Salisbury were posted online. Local leaders including the Mayor, State's Attorney and a Reverend react to the media.More
    27 cell phone videos depicting brutal streets fights among teenagers in Salisbury were posted online. Local leaders including the Mayor, State's Attorney and a Reverend react to the media.More
  • Chincoteague's Oldest Saltwater Cowboy Dies at 78

    Chincoteague's Oldest Saltwater Cowboy Dies at 78

    Many today mourned the loss of the oldest Chincoteague Saltwater Cowboy. Wesley Bloxom was best known for his passion and involvement in the Chincoteague Pony Swim, one of Delmarva's biggest events. Today, his life was celebrated. Caroline Coles reports.

    More

    Many today mourned the loss of the oldest Chincoteague Saltwater Cowboy. Wesley Bloxom was best known for his passion and involvement in the Chincoteague Pony Swim, one of Delmarva's biggest events. Today, his life was celebrated. Caroline Coles reports.

    More
  • Two Milford Shootings Prompt Investigations

    Two Milford Shootings Prompt Investigations

    Milford Police are investigating a pair of overnight shootings. The first took place in the 200 block of Northwest 3rd Street around 2:18 am. It’s been reported an unknown male suspect shot a male victim twice and at an occupied home striking it multiple times. The second shooting took place in the 300 block of Northwest 4th Street at approximately 5:09 am, where a suspect or multiple suspects shot and struck an unoccupied parked vehicle.

    More

    Milford Police are investigating a pair of overnight shootings. The first took place in the 200 block of Northwest 3rd Street around 2:18 am. It’s been reported an unknown male suspect shot a male victim twice and at an occupied home striking it multiple times. The second shooting took place in the 300 block of Northwest 4th Street at approximately 5:09 am, where a suspect or multiple suspects shot and struck an unoccupied parked vehicle.

    More
Powered by Frankly

All content © Copyright 2000 - 2017 WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices