Report | United States Employment Update - June 2014
The U.S. economy regained all jobs lost during the recovery in May and is now 98,000 jobs above its previous peak 79 months into the cycle. The 217,000 new jobs created in May represent the fourth consecutive month of 200,000+ payroll additions, the first time that this has happened during the recovery of late. Unemployment held steady at 6.3 percent, as did the labor force participation rate at its low of 62.8 percent. From a subsector standpoint, growth was largely concentrated in education and health, professional and business services (PBS) and leisure and hospitality, which have driven the recovery over the past few years consistently. However, a slowdown in PBS growth, combined with anemic financial activities and information payroll increases, meant that the office-using sector contributed fewer than one in four new jobs in May. That said, improvements in the geographical scope of the recovery, particularly the resurgence of Florida and other areas of the Sunbelt along with numerous markets posting growth of more than 2.0 percent year-on-year, are helping to make 2014 the most promising year economically during this cycle so far.
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