Once again, it’s job creation time! Which means it's also time to bring back that sexy economic data source, the Bikini Graph! This time around, we learn that this is the sixth straight month of job growth, something that hasn't happened since 1997. That sound you hear is the GOP demanding President Obama's impeachment for allowing this to happen on his watch. Da noive!
As always, red columns point to monthly job totals under the Bush administration, while blue columns point to job totals under the Obama administration.
The overall unemployment rate ticked slightly higher to 6.2% – still hovering around a six-year low. (This is one of those times when an uptick is good news, not bad, since more people are entering the workforce looking for jobs.)
Once again, public-sector layoffs did not drag down the overall employment figures [...] All told, over the last 12 months, the U.S. economy has added over 2.57 million jobs overall and 2.48 million in the private sector. What’s more, July was the 53rd consecutive month in which we’ve seen private-sector job growth – the longest on record.At this point, with the year about half over, 2014 is currently on track to be the best year for U.S. job creation since 1999.
The Los Angeles Times has more:
The labor market extended its best streak since the late 1990s, posting solid job growth last month that lured more people back into the workforce. [...]
And the [unemployment rate] rise was for a good reason: The labor force grew by 329,000 last month as many people who had left the job market — and so weren't being counted in the unemployment rate — returned. That caused the labor force participation rate to inch up for the first time in five months, to 62.9%, from its lowest level since 1978. [...]
The economy grew at a robust 4% annual rate from April through June, the Commerce Department said this week... Personal income also increased 0.4% in June, the same pace as in May. And July was one of the best months in years for motor vehicle sales, automakers said Friday.
We're on our way. Unless, of course, the GOP decides to continue to block Democratic jobs and infrastructure bills... which is a given. It looks like we'll have to keep growing the economy and employment in spite of them.