Americans head into their Independence Day celebrations with good economic news.
The U.S. Department of Labor released unexpectedly high June employment numbers today, showing a large surge in payrolls. Nonfarm employment grew by 288,000 jobs, making June the fifth straight month that job growth topped 200,000. It’s a streak that is unmatched since the late 1990s, the Wall Street Journal reported.
Unemployment fell to 6.1% in June, the lowest level since September 2008. Employment numbers for April and May also were revised upward by 29,000 jobs.
Assessing the June employment news in a July 3 Reuters story, Jacob Oubina, senior U.S. economist at RBC Capital Markets in New York, said, “It’s an extremely bullish report. It’s a report that really checks off all the positive boxes. I don’t think you could have asked for a stronger read.”
The stock market–which closed at 1 p.m. today for the Independence Day holiday–responded mightily to the stellar jobs report. The Dow Jones Industrial Average traded above 17,000 for the very first time, closing at a record high of 16,956. The Standard & Poor’s 500 index jumped 13.09 points, to an all-time closing high of 1,973.
Happy July Fourth!
