The U.S. economy added 195,000 jobs in June, as the unemployment rate remained unchanged at 7.6 percent, the Bureau of Labor Statistics announced Friday:
— BLS-Labor Statistics (@BLS_gov) July 5, 2013
There's a little good news for those lucky enough to have jobs:
Nice bump in hourly earnings, +0.4%
— Neil Irwin (@Neil_Irwin) July 5, 2013
And the job market grew faster in May and June than previous reported:
More: Labor Department says the US economy added 70,000 more jobs in May and April than initially reported - @AP
— Breaking News (@BreakingNews) July 5, 2013
It's actually been growing quite quickly over the last half year:
Average U.S. job growth over last six months now over 200,000
— Pedro da Costa (@pdacosta) July 5, 2013
But the government itself continues to impede an even broader jobs recovery:
The government shed 7,000 jobs in June: http://t.co/5tNlBzvvPR
— Bonnie Kavoussi (@bkavoussi) July 5, 2013
And most of the jobs are in historically low-wage sectors:
— UnemployedWorkers (@laidoffleftout) July 5, 2013
— Bonnie Kavoussi (@bkavoussi) July 5, 2013
Leisure & Hospitality had especially strong job growth but avg hrs worked per week is 26. Part-time jobs & exempt from health care mandate.
— Stephen Bronars (@SBronars) July 5, 2013
Or as Lizzie O'Leary put it:
Lotta job creation in low-wage sectors.
— Lizzie O'Leary (@lizzieohreally) July 5, 2013
Understandably, this half-hearted recovery has gotten to a lot of Americans:
Among the marginally attached, there were 1.0 million discouraged
workers in June, an increase of 206,000 from a year earlier
— James Pethokoukis (@JimPethokoukis) July 5, 2013
So yes, 195,000 jobs is a lot, but we've got a long way to go:
Remember folks, 200,000 jobs a month won't bring us back to full employment until sometime in 2017, even after accounting for demographics
— Matthew C. Klein (@M_C_Klein) July 5, 2013
You can read the entire BLS analysis here.
More from the Associated Press:
WASHINGTON — U.S. employers added 195,000 jobs in June and hiring was more robust in the two previous months than earlier estimated. The gains raise hopes for a stronger economy in the second half of 2013.
The Labor Department said Friday that the economy also added 20,000 more jobs in May and 50,000 more in April than initially reported. The unemployment rate stayed at 7.6 percent, but for a good reason: More people started looking for work. The government counts people as unemployed only if they are searching for jobs.
Americans' paychecks rose at a healthy pace and have outpaced inflation in the past year. Average hourly pay increased 10 cents to $24.01. That's 2.2 percent higher than a year ago. Over the 12 months ending in May, consumer prices rose 1.4 percent.
Stock index futures rose shortly after the report was released at 8:30 a.m. EDT. And the yield on the 10-year Treasury note jumped from 2.56 percent to 2.65 percent, a sign that investors think the economy is improving.
The economy has added an average of 202,000 jobs a month for the past six months, up from 180,000 in the previous six. Hiring and consumer confidence have increase despite higher taxes and federal spending cuts.
Further job growth could lower the unemployment rate and help the economy rebound after a weak start this year. If growth accelerated and unemployment fell, the Federal Reserve might start to scale back its bond purchases before the year ends. The bond purchases have kept long-term interest rates low.
Despite the solid pace of hiring, the economy is growing sluggishly. It expanded at a 1.8 percent annual rate in the January-March quarter. Most analysts expect growth at roughly the same subpar rate in the April-June quarter.
Weak economies overseas cut demand for U.S. exports in May. That led some economists to predict that growth in the second quarter might be slower than forecast. Still, many areas of the economy are improving.
The Fed's low interest-rate policies have encouraged more Americans to buy homes and cars. They've also helped boost stock and home prices in the first half of the year, increasing wealth and lifting consumers' confidence to its highest level in 5 1/2 years.
Auto sales in the January-June period topped 7.8 million, their best first half since 2007, according to Autodata Corp. and Ward's AutoInfoBank. Sales of previously occupied homes exceeded 5 million in May, the first time that's happened since November 2009. New-home sales rose at their fastest pace in five years.
Though fewer exports have hurt manufacturing, factories did field more orders in May. And a measure of business investment rose for the third straight month.
A stronger second half fueled by continued job gains might be enough for the Fed to begin tapering its stimulus. Chairman Ben Bernanke said last month that the Fed would slow its bond purchases later this year and end them next year if the economy continued to strengthen.
But Bernanke added that if the economy weakens, the Fed could delay its pullback or even step up its bond purchases again. Several Fed members have since tried to clarify Bernanke's remarks by saying any tapering of the bond purchases would depend on the strength of the economy.