A government labor report this morning showed the U.S. economy added 288,000 jobs in June, dropping the unemployment rate to 6.1% - its lowest level since September of 2008. The Bureau of Labor Statistics also revised upward job gains for April (to 304,000) and May (224,000), bringing the three-month growth average to 272,000 positions.
Yesterday, payroll services firms ADP reported private sector companies in the U.S. added 281,000 jobs last month, a significant gain that also soared past estimates. The closely-watched data showed job improvements across a variety of sectors, strengthening hopes of better economics results in Q2 and beyond.
“The job market is steadily improving,” said Mark Zandi, chief economist of Moody’s Analytics, which teams with ADP to produce the report. “Judging from the job market, the economic recovery remains fully intact and is gaining momentum.”
According to ADP, professional and business services firms added 77,000 jobs in June, while the trade/transportation/utilities sector contributed 50,000 positions. Construction companies created 36,000 jobs, the manufacturing sector added 12,000 and the financial industry provided 11,000, data showed. Small businesses (1-49 employees) added 117,000 jobs, medium-sized firms (50-499) added 115,000, and large companies (500 or more) added 49,000.