U.S. Added 2.495 Million Net New Jobs in 12-Months Ending June 2014 — The Largest Yearly Gain Since May 2006

Job growth continues to expand, with the U.S. adding 288,000 net new jobs in June 2014 (preliminary). In the past 12-months, the 2.495 million net new jobs is the largest gain since May 2006. Year-to-date, the U.S. is averaging 231,000 net new jobs per month.

June was the 10th best monthly gain in the prior 10 years, with jobs increasing by 1.80 percent.

The monthly change in the total number of jobs is shown in the following graph.

7-3-14 graph

As important as the gain in overall jobs, almost every sector in the U.S. economy featured job growth in June.

Net job gains and related metrics included:

  • In the past three months job growth has averaged 272,000 new jobs monthly compared to 231,000 in the latest12 months.
  • The number of involuntary part-time workers (persons employed part-time that desire full-time work) grew by 275,000 to 7.5 million in June 2014
  • The long term unemployed (27 or more weeks) declined by 293,000 in June 2014 to 3.1 million. This group represents one-third (32.8 percent) of total U.S. unemployment.
  • Jobs in professional and business services grew by 67,000 in June, and averaged 53,000 new jobs per month in the prior 12 months
  • Retail trade added 40,000 jobs in June, with a 26,000 net monthly gain in the past 12 months
  • Jobs in food services and drinking places jumped 33,000 in June and averaged 26,200 per month in the prior 12 months
  • Health care jobs rose 21,000 in June and have averaged 18,000 per month for the past year
  • Transportation and warehousing jobs rose 17,000 last month versus 11,000 average per month in the past year
  • Financial activities related jobs grew 17,000 with more than one-half (9,000) in the insurance sector
  • Manufacturing jobs gained 16,000 while wholesale trade

Jobs are everything to an economy, and finally it appears that the frost burn from Q1’s miserable weather is healing.

Ted

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