The news release by the U.S. Department of Labor today was important not only because it showed an improving job market, but also because it confirmed that the U.S. has officially entered the longest recorded economic expansion in U.S. history.
The U.S. economy made significant gains in June as employment increased by 224,000 and the unemployment rate remained largely unchanged at 3.7 percent.
These payroll growth numbers have been the best gain since January and ran contrary to worries that both the employment picture and overall growth picture were beginning to worsen. Economists surveyed by The Wall Street Journal originally expected the economy to only add 165,000 jobs in June. . .
The Financial Times elaborates: “The post-crisis US economic expansion this week became the longest uninterrupted stretch of growth in modern American history.” . . .
Including today’s June nonfarm payroll employment numbers, President Trump has created roughly 5.6 million jobs since he first took office in January 20, 2017. (Read more from “Trump Presidency Is the Longest Economic Expansion in U.S. History” HERE)