The Labor Department today said the economy added 288,000 jobs in June while the unemployment rate dipped to 6.1 percent from 6.3 percent, signaling sustained, robust job growth has arrived, at least for now.
May’s increase was adjusted up to 224,000 from 217,000 while April’s number was pegged at 304,000 from the previous estimate of 282,000.
Nevertheless, according to the Wall Street Journal, the news was not all good, as the percentage of the population in the job market remained historically low:
At 62.8%, the share of population either working or looking for work remains around 30-year lows, a sign that many of the unemployed have given up their job searches.
Furthermore, job gains continue to be led by low-paying sectors. Retail added over 40,000 new jobs while leisure and hospitality added 39,000.
Higher-paying sectors continued to lag behind in the jobs recovery. Manufacturing added 16,000 new jobs and construction added 6,000.
At 6.1 percent, the unemployment rate has reached a six year low. The Dow Jones Industrial Average rose above 17000 for the first time in response to the stronger-than-expected jobs report.
Maybe, after five misses, this will be the summer of recovery. Growth for the second quarter is expected to be at over three percent.
The economy was sure to rebound at some point. There’s only so much you can do to keep it down. But given the various shackles Obama has placed on it, I doubt if the turnaround will last for long.