The stellar June jobs report, which crushed economists’ expectations, brought with it a new milestone. Private-sector job growth has increased in 52 consecutive months — the longest streak on record, according to the White House.
Private payrolls added 262,000 jobs in June, making up the bulk of the 288,000 jobs added. The new private-sector streak, which began in March 2010, surpasses the previous streak of 51 consecutive months of private-sector growth from February 1996 through April 2000.
It’s likely to continue for the foreseeable future — this is the first time job growth has been above 200,000 for five straight months since September 1999 through January 2000.
Overall, U.S. nonfarm payrolls added 288,000 jobs in the month of June, and the unemployment rate plummeted to its lowest since 2008 at 6.1%. The unemployment rate has fallen 1.4% over the past year, the sharpest decline in about three decades.
Here’s a chart from the White House:
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.