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Economy adds 209,000 jobs in July; unemployment rate edges up to 6.2 percent
Source: www.washingtonpost.com - Friday, August 01, 2014
Military veterans research employment opportunities at the Hiring Our Heroes jobs fair at the University of Chicago on Wednesday. (Photo by Scott Olson/Getty Images) For six straight months, the U.S. economy has added more than 200,000 jobs, according to government data released Friday morning, the longest streak since the mid-'90s. The Labor Department reported 209,000 net new jobs were created in July, though the unemployment rate edged up slightly to 6.2 percent as more workers joined the labor force. The report was the latest in a string of upbeat data suggesting the country’s economic recovery has shifted into the next gear. Industries with the strongest hiring were professional and business services, as well as manufacturing and construction. That dovetailed with a private estimate of job growth earlier this week indicating broad-based improvement in the labor market. That analysis , by human resources firm ADP, showed both larger corporations and smaller businesses were adding workers. “There was some meat on the bones," said Diane Swonk, chief economist at Mesirow Financial. "This wasn’t just temporary hires.” Two top officials at the Federal Reserve said Friday that the improving picture in recent months means that the central bank can start withdrawing its support for the recovery more quickly. The Fed is pumping billions of dollars each month into the economy and is expected to end that program in October. In addition,
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