Atlanta, GA (PRWEB) August 12, 2014
The Economic Situation report released by the Bureau of Labor Statistics earlier this month revealed a net growth of 209,000 jobs for the month of July, coming in below expectation and significantly lower than June’s reported jobs number.
Despite the decrease, economists believe July’s job numbers reveal a continued trend toward economic recovery from the Great Recession. July was the sixth consecutive month to add more than 200,000 net new jobs, the first time since the dot-com boom in 1997.
Employment grew in professional and business services with 47,000 new jobs added; manufacturing jobs with 15,000 added; retail trade with 27,000 new jobs; and construction, which added 22,000 jobs in July.
Since the beginning of the year, the US economy has added an average of 230,000 net new jobs a month. In 2013, the economy averaged just 194,000 net jobs a month.
The Department of Labor also revised the nonfarm payroll employment total for both May and June. May was revised from 224,000 to 229,000 jobs, while June was revised from 288,000 to 298,000 jobs. With these revisions, employment gains in May and June were 15,000 higher than previously reported.
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