In a Surprise, Job Market Sees Big Gains
Employers added 288,000 nonfarm jobs in June, the U.S. Labor Department said Thursday, topping consensus estimates of 215,000 and raising hopes that the recovery is gaining momentum heading into the second half of the year. Payroll gains in April and May were also healthier than initially estimated, with the economy adding 29,000 more jobs than previously reported.
The nation’s unemployment rate fell from 6.3 percent to 6.1 percent, the lowest rate of joblessness since September 2008.
“The labor market was already showing clear improvement, but it has accelerated further in recent months,” Jim O’Sullivan, chief U.S. economist with High Frequency Economics, told clients. “The pace in employment is pushing the unemployment rate down rapidly.”