Dentons

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A blockbuster June jobs report and its meaning for business

The US Bureau of Labor Statistics’ (BLS’s) June jobs and unemployment report, released on 3 July, was a blockbuster. The economy added 288,000 jobs and the unemployment rate fell to 6.1 per cent. With the revisions to April’s and May’s jobs reports, the net increase actually amounted to 317,000 jobs, with growth spread broadly across most industries. For the first time since the turn of the century, the US has experienced five straight months in which 200,000 or more net jobs have been created.

After a 2.9 per cent decline in gross domestic product (GDP) in 2014’s first quarter, businesses had cause for concern about the future of the US economy. This jobs report should go a long way to allay those fears. Job creation is healthy and accelerating. The second-quarter GDP numbers are going to be substantially better, possibly with a growth rate north of three per cent…

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