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article imageU.S. economy keeps rolling, 6 straight months of strong job gains

By Marcus Hondro     Aug 3, 2014 in Politics
New numbers from the U.S. Bureau of Labor Statistics show the U.S. economy improving in ways it has not done for almost two decades. Under President Barack Obama's administration, the economy has now added at least 200,000 jobs for six straight months.
Released Friday, the report notes that for the month of July 209,000 jobs were added. That marks the first time the economy has seen six consecutive months of 200,000 or more jobs gained since 1997, when another Democrat, Bill Clinton was in the White House.
The report noted that the unemployment rate went up in July by a tick, from 6.1 percent to 6.2 percent, but other good news included higher figures for jobs gained over the past two months; the June report had said there were 288,000 jobs added that month but this latest reports shows that in actuality 298,000 jobs were created in June; in May 229,000 jobs were gained, up from the original figure of 224,000.
Further, the figures for labor force participation grew, though not by much, from 62.8 percent to 62.9 percent. That figure represents the working-age persons in the country that are working or looking for work. In other economic news, the Department of Commerce released figures showing the U.S. economy grew by 4 percent during April through June. Consumer spending in the country during that period grew by 2.5 percent, a growth considered very strong.
The figures suggest the U.S. is recovering from a lengthy economic downturn that began during the administration of George W. Bush; in the three months before Bush left office in 2007 the U.S. lost over 2 million jobs. The Washington Post quoted the chief financial officer at Mesirow Financial, Diane Swonk, who said the recent numbers are a good sign. “There was some meat on the bones," Ms. Swonk said of the report. "This wasn’t just temporary hires.”
President Obama spoke to reporters in the White House briefing room and said he feels the numbers could be even stronger if the U.S Congress was doing a better job, though he remained optimistic. "The good news is, the economy clearly is getting stronger," he said.
More about US economy, Obama, Bill Clinton, US Department of Commerce, US Bureau of Labor Statistics
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