Posted by Gia Ciccone on July 07, 2014
Though many economists were only expecting the U.S. economy to add 215,000 jobs in June 2014, this month’s BLS report heavily exceeded expectations, adding 288,000 jobs to the market. In addition to this stellar report comes another dose of good news: This has been the best five months of job growth for the U.S. economy since the early 1990s.
Unemployment Rate Drops & Hits Milestone
This steady five months of job growth has been great for our unemployment rate. The rate dropped another .2 percentage points this month & now sits at 6.1%, which is where The Fed originally predicted our economy would be sitting at year-end; yet, here we are mid-year exceeding expectations and exciting economists.
Furthermore, the unemployment rate has not been this low since 2008, a true milestone for our economic growth and perhaps the signal of a solid, steady economic recovery.
Major BLS Revisions in July 2014
The new BLS report noted major revisions to both May and June’s reports. In reality, the U.S. added 29,000 more jobs than previously reported – April’s number revised from 282,000 to 304,000, and the month of May was revised to 224,000 from 217,000.
Professional & Business Services Exceed Average Growth
The Professional & Business Services sector not only continued to meet it’s monthly average of 53,000 jobs, but exceeded it in July. The sector added 67,000 jobs in June, with sub-sectors like Management & Technical Consulting Services and Computer Systems Design making significant gains – adding 8,000 and 7,000 jobs respectively.
Though Temporary Help Services is still growing, this month was much meeker than other months in terms of growth. The sector only added 10,100 jobs compared to monthly gains in the mid-teens.
Share Your Thoughts About July’s Report
Do you agree that this report truly marks a milestone for the U.S. economy? What predictions do you have for August’s report? We encourage you to share your thoughts in the comment section below!
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