Employment in the U.S. grew by 287,000 in June, according to the Bureau of Labor Statistics monthly report. The increase is in stark comparison to May, which only saw a boost of 11,000 jobs. Unemployment also saw a slight uptick from 4.7% in May to 4.9% in June, bringing the total number of all unemployed persons to 7.8 million. Although unemployment grew this month, the report notes "These increases largely offset declines in May and brought both measures back in line with levels that had prevailed from August 2015 to April."
The number of people forced to take part-time work for economic reasons also went down by 587,000 to 5.8 million.
Wages are on the rise. Average hourly earnings for all employees (not including farm workers) bumped up two cents to $25.61. In the last year average hourly pay has grown 2.6%. Overall, the reports paints a positive picture of the national economic status. Stock markets seem to be responding positively to the news. RR