The U.S. economy added a whopping 195,000 jobs in June, crushing expectations for just 165,000 jobs. It also turns out that it added 195,000 jobs in May, an upward revision from an earlier reading of 175,000. The unemployment rate remains unchanged at 7.6%.
The jobs report was without question much better than expected.
However, it continues to reflect a labour market that remains incredibly weak four years into the economic recovery.
Calculated Risk runs a chart every month that puts the current jobs recovery into perspective.
“This shows the depth of the recent employment recession — worse than any other post-war recession — and the relatively slow recovery due to the lingering effects of the housing bust and financial crisis,” writes Bill McBride of Calculated Risk.
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