Good News! The Economy’s Actually Getting Better! Here’s What That Means For You

The U.S. economy added 288,000 non-farm jobs in June and the unemployment rate fell to 6.1%, good news since the last time the rate was that low was in September of 2008. Economists are generally considering this to be an extremely positive report and the economy has been adding jobs at a rate of about 200,000 jobs for the last five months. You can actually feel that change here where I live. Friends of mine have gotten jobs in the last few months that they were struggling to get only a few months ago.

This is good news but perhaps better for understanding what’s happening is asking where these jobs are popping up.

Services industries employment jumped by 236,000, the biggest gain since October 2012. A separate report on Thursday showed services sector activity expanded strongly in June.

Oh, so only 52,000 non-service industry jobs were created in June. While that’s disappointing in a sense, it does mean that people are out spending again which could eventually drive service industry wages up and if that’s your situation then that would be good news.

tl;dr: Starbucks is hiring. TC mark

featured image – Shutterstock

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