Name: May Jobs Report_ 0606Jobs_TIME_finished
Uploaded: 2014-06-06
Duration: 1 min 53 s
Description: May Jobs Report_ 0606Jobs_TIME_finished

Looks like the American job market is finally taking a sustained turn for the better. According to the Department of Labor's latest jobs report, the US economy added 217, 000 jobs in May, and the unemployment rate stayed at 6. 3 %. Consensus was looking for about 215, 000, at least between 210 and 215. So, at least it seems to be a little bit better than expectations there. As an economist strategist at Boston- based LPL Financial bluntly put it, finally, it took long enough. The chief investment officer at Fiduciary Trust noted this is the first time since the late 90s we've seen non- farm pay roles increase by 200, 000 in four straight months. For a number that has a high degree of variability, this is notable for its stability. But there's another reason why this newest report is so significant. It shows that we've recovered all the more than eight million jobs that were lost during the great recession, and the great financial crisis. Now, it is a milestone. The last time thing were this good was all the way back in January 2008, just before the great recession took its toll on employment rates. Now, more than six years later, the US has finally regained the jobs that were lost and then some. But as Al Jazeera points out, we shouldn't start celebrating just yet. The population has grown nearly 7 % over the last four years, and the economy still needs even more jobs to reach a happy medium. Just how many jobs are we talking here? An economist with the Economic Policy Institute told Money, only at about seven million, give or take. But don't let that get you down too much. As economist, Justin Wolfers, noted in the New York Times, Friday's report marks the 51st straight month of private sector job gains. That matches an all time record. Thanks for watching, I'm Megan Judy.