The U.S. headed into the Fourth of July with buoyant economic news, including a surprisingly strong employment report that sent the Dow past 17,000 for the first time. The rally began after the U.S. Bureau of Labor Statistics reported that total nonfarm payroll employment increased in June 2014 by 288,000 and the unemployment rate declined by .2 percent to 6.1 percent.
Job gains were widespread, led by employment growth in professional and business services, retail trade, food services and drinking places and health care.
Retail trade employment increased by 40,000 in June. Over the prior 12 months, employment in this industry had grown by an average of 26,000 per month.
The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) increased by 275,000 in June to 7.5 million. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job.
