After disappointing job growth in May, the U.S. economy got a much-needed boost in June, adding 287,000 jobs, according to the Bureau of Labor Statistics’ most recent employment report – and far surpassing economists’ expectations of between 175,000 and 180,000 jobs.
These numbers are also a giant leap from May’s dismal job numbers, which the BLS originally reported as 38,000 jobs and revised to an even more gloomy 11,000 jobs. April’s numbers were also revised to reflect an uptick from 123,000 jobs created to 144,000.
The industries that saw the biggest growth were leisure and hospitality, health care and social assistance, and financial activities.
Wages increased as well this month, going from $25.59 per hour to $25.61 per hour on average, and showing a 2.6 percent increase from a year ago.
Another number that came as a surprise to some was unemployment, which rose from 4.7 percent to 4.9 percent – slightly higher than economists’ expected 4.8 percent.
Following two months of disappointing (to say the least) job growth, this month’s report provides a much-needed boost to not only the economy, but the morale of business owners everywhere.
As small business owners, your impact is significant. Take a moment to celebrate this report and use it as motivation to keep doing what you’re doing – hire the right people and continue to give them the resources they need to succeed and move your business forward.