As the job rate surged in the month of June, the unemployment rate hits a six year low, the lowest since September 2008, according to the Labor Department.
The numbers are a welcomed relief after a surprisingly big slump at the start of the year, due to the long, dire winter season.
Non-farm jobs increased by 288,000 in the last month alone. Hourly earnings are also up by six cents. Employment has grown above a 200,000-jobs pace for five straight months for the first time since the technology boom in the late 1990s.
“It’s an extremely bullish report. It’s a report that really checks off all the positive boxes. I don’t think you could have asked for a stronger read,” said Jacob Oubina, senior U.S. economist at RBC Capital Markets in New York.
The economy has added an average of 231,000 jobs each month this year, the highest six month average since 2006.