Hiring Numbers Surpass Expectations
The economy added 195,000 jobs in June, a report that happily exceeded economists’ predictions, although the unemployment rate remained unchanged at 7.6 percent.
The number of jobs created in April was revised up by 50,000 positions, while May was revised higher by 20,000 jobs.
Employment ticked up in leisure and hospitality, professional and business services, retail trade, health care, and financial activities.
The federal government shed 5,000 positions, continuing a trend brought on by the budget cuts that have eliminated 65,000 jobs in the last 12 months.
The number of long-term unemployed also fell. Those jobless for 27 weeks was essentially unchanged at 4.3 million. These individuals accounted for 36.7 percent of the unemployed. Over the past 12 months, the number of long-term unemployed has declined by 1.0 million.
On average, the economy has created roughly 182,000 jobs a month over the last year. The number of temporary workers rose by 9,500. The addition of contingent workers typically signals more hiring of permanent staffers.
According to an article on USAToday, monthly payroll increases have averaged 202,000 this year, vs. 183,000 in 2012. “Employment growth continues to look more than strong enough to keep unemployment trending down,” Jim O’Sullivan, chief U.S. economist of High Frequency Economics, said in a research note.