US Employment Climbs to Highest Level since November 2012
Employment at companies climbed in June by the most since November 2012, a sign the job market is strengthening along with demand, the U.S. Department of Labor has reported. The 281,000 surge exceeded the most optimistic forecasts in a Bloomberg survey of economists. The median estimate of economists called for a 205,000 advance.
Businesses are taking on more workers and limiting dismissals, bolstering economists’ projections that the economy will strengthen after a first-quarter contraction. A Labor Department report recently showed private payrolls climbed by 213,000 workers in June. Manufacturers, builders and other goods-producing industries increased headcount by 51,000. Employment in construction rose by 36,000, while factories added 12,000 jobs, today’s report showed.
“Job gains are broad-based across all industries and company sizes,” Mark Zandi, chief economist at Moody’s Analytics Inc., said in a statement. “Judging from the job market, the economic recovery remains fully intact and is gaining momentum.”
Companies employing 500 or more workers added 49,000 jobs. Medium-sized businesses, with 50 to 499 employees, took on 115,000 workers and small companies increased payrolls by 117,000, the most since February 2012. Overall payrolls, which include government agencies, rose by 215,000 workers in June after climbing by 217,000 the prior month. The unemployment rate continues to hold at an almost six- year low of 6.3 percent.