On a Roll: June Jobs Report Beats 1939 Record Streak
What does Jeopardy! winner Ken Jennings have in common with the latest June U.S. jobs reports? They both know what it's like to be “on a roll."
The U.S. economy is plugging ahead full steam – for the 52nd month in a row, private employment is up. As the longest streak on record, it has added 9.7 million private sector jobs during this time. To put this into historical perspective, it is the longest streak since 1939.
Not too shabby news for the millions of Americans who just celebrated Independence Day.
Remember last month’s 217,000 new jobs in the United States defying economists’ predictions? This month's numbers didn’t disappoint, either: Total non-farm payroll employment rose by 288,000 in June (private sector employment made up a large percentage of this increase).
This month’s “Most New Jobs” award goes to the hard-working professional and business services sector, which added a whopping 67,000 jobs last month.
As always, the Healthcare sector maintains its heavyweight status. It added 21,000 jobs in June, beating the 2014 average monthly gains of 18,000. If you're thinking of applying to jobs in this field, you can do no better than consider the strongest areas of hiring: Ambulatory healthcare services, nursing, and residential care facilities.
Many other industries aced the economy's litmus test (of adding jobs - and lots of it):
Gains in June: 40,000 jobs
Annual average monthly gains: 26,000 jobs per month
Food services and drinking places
Gains in June: 33,000 jobs
Annual gains: 314,000 jobs
Transportation and warehousing employment
Gains in June: 17,000 jobs
Average monthly gains: 11,000 jobs/month
Gains in June: 17,000 jobs in June 2014
Average monthly gains: 5,000 jobs/month
Gains in June: 16,000 jobs (all of the increase in durable goods)
Gains in June: 15,000 jobs
Annual gains: 140,000 jobs
There were, of course, a few duds. Mining and logging only gained 2,900 and 100 jobs, respectively.
Construction, which earned our “Slow but Steady” title in May, remained just that last month (with 6,000 jobs added, just like in May). Surprisingly, the usually robust information sector only added ___ jobs last month. And the ever-flagging government sector maintained its plateau.
Still, an overall positive month for our economy. Will this hot, hot streak continue into the sweltering months of July and August? Only time – and economic indicators – will tell. Stay tuned for next month’s situation report, which is scheduled to be released on August 1, 2014.