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Economy Overview

United States

Report | United States Employment Update - July 2014

Summary

The U.S. economy continued to demonstrate signs of a sustained recovery in June, adding 288,000 jobs and seeing unemployment drop to 6.1 percent. This marks the fifth consecutive month of more than 200,000 net new jobs added monthly. Notable was the diversity of growth, with the top three subsectors contributing only half of all new jobs. In turn, year-on-year gains are slowly, but surely, broadening in terms of subsectors as well, although PBS, education and health, leisure and hospitality and retail trade remain drivers. Other indicators, particularly consumer confidence, point to improving macroeconomic conditions and the perception that gains are long-term rather than temporary. Although labor force participation and a slight slowdown in office-using employment growth remain issues, the growing number of markets and industries taking part in the recovery throughout 2014 points toward more robust economic growth heading into the second half of the year and into 2015 and 2016.​

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