Numbers don't lie
The latest unemployment numbers from the Bureau of Labor Statistics are out, and they're pretty rosy.
The U.S. added 288,000 jobs in June, crushing economists' expectations for an addition of 215,000 jobs. The unemployment rate also fell to 6.1 percent, the lowest reading since September 2008. Expectations were for the unemployment rate to remain unchanged at 6.3 percent. The labor force participation rate remained unchanged at 62.8 percent.
The latest data suggests that even though GDP plummeted in the first quarter — prompting calls for stronger stimulus — the economic recovery remains mostly on track, and the GDP slump in the first quarter had more to do with the unseasonably cold weather and firms drawing down inventories than economic weakness.