New report shows 288,000 jobs added to economy, drop in unemployment

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

By Annalyn Kurtz

NEW YORK (CNNMoney) — The American jobs recovery seems to have finally hit its stride.

The U.S. economy added 288,000 jobs in June, marking the fifth straight month where employers added at least 200,000 jobs. The last time that happened was in late 1999, as the dot-com bubble was inflating.

Economists surveyed by CNNMoney had predicted that 200,000 jobs were added last month,

Meanwhile, the unemployment rate is now 6.1%, down from 6.3% in May. Economists were expecting the unemployment rate to stay at 6.3%.

Another sign of good news for those who currently have jobs is that pay is on the rise. Hourly wages ticked up 0.2% in June and are up 2% in the past 12 months. Federal Reserve chief Janet Yellen has mentioned concern that wages aren’t growing as rapidly as needed.

™ & © 2014 Cable News Network, Inc., a Time Warner Company. All rights reserved.

Notice: you are using an outdated browser. Microsoft does not recommend using IE as your default browser. Some features on this website, like video and images, might not work properly. For the best experience, please upgrade your browser.