June 6 - The U.S. finally recovered all the jobs it lost in the Great Recession as the economy added more than 200,000 jobs for the fourth straight month. Fred Katayama reports.
The U.S. finally recovered all the jobs it lost during the Great Recession. The economy added 217,000 jobs in May. That's the fourth straight month that job gains topped 200,000. Those gains in May slowed down from the huge jump in April, but it's still a sign the economy has snapped back from the winter slowdown. Todd Schoenberger, managing partner at Landcolt Capital, said, "This number is not a surprise and should be a rallying cry for the bulls ... It supports the historical norm of the second quarter typically being the best of the year, and April being a strong month within that quarter. The month-over-month slowing isn't a concern." The job gains were broad-based. Hiring heavily: healthcare, the leisure-hospitality and manufacturing sectors. The unemployment rate was unchanged at 6.3 percent. That's a 5-and-a-half year low. Two key areas the Fed looks out for showed strength in the economy. That jobless rate held steady even as some Americans encouraged by the brighter economic signs went out to look for work after dropping out of the labor market. And average hourly earnings rose by a nickel.