The economy added a minimum of 200,000 jobs a month for the last six months. The first time that has happened since 1997! And The Bureau of Labor Statistics revised up the past two months reports. Up 10,000 more in June and 5,000 more in May. More working-age people are either working or looking for a job, a rate that has fallen precipitously during the economic downturn.
The Bureau of Labor Statistics released its latest jobs report, 209,000 non-farm jobs added was below economist expectations of 230,00 and the unemployment rate bumped up to 6.2% from 6.1% in June. The biggest industry gainer was professional and business services, which added 47,000 jobs. Manufacturing (28,000), retail trade (27,000), and construction (22,000) saw the next-largest gains.
The Dow fell over 300 points on 7/31/2014, erasing all gains the market has gained for the year. The fighting in Gaza, the upheaval in Ukraine and the possibility of default of loans by Argentina have affected the market and will continue to do so. A concern that improving U.S. economic data could prompt the Fed to raise rates sooner than some expect and the data showing that the U.S. economy expanded by 4% in the second quarter continue to pressure the market. Labor numbers are improving but if this volatility continues, expect to see it adversely affecting the job market,