The U.S. economy added 288,000 jobs in June, surprising some economists who only expected 215k. The economy has now added more than 200,000 jobs a month for five straight months, the best stretch since January 2000. The unemployment rate also dropped to 6.1%, the lowest it’s been since September 2008.
Also encouraging: Job gains for April and May were revised up by a total 29,000. April’s increase was revised to 304,000 from 282,000 and May’s to 224,000 from 217,000. April’s total marks the first time monthly job gains topped 300,000 since January 2012.
Payroll additions have averaged 272,000 the past three months and 231,000 for the year, vs. 194,000 in 2013.
Bob Baur, chief global economist of Principal Global Investors, says accelerating job growth is feeding into a virtuous cycle, in which stronger payroll gains lead to higher consumer spending and further employment advances.
President Obama told Marketplace that the Republican Party would have to “move back to the center” if it ever wanted to win another presidential election.
“I don’t think this is a permanent state of affairs. I think over time the Republican Party will move back to the center, mainly because if they don’t, they’ll never win the presidency again.”
Hahaha. The President is trolling the GOP here. Because he knows that now that he has said they must move to the center to win, the GOP will now move so radically to the right that Adolf Hitler will seem reasonable by comparison.
First Read: “For one thing, it gives meaning to the White House’s various executive actions. Earlier this year during the State of the Union, many of us proclaimed them simply playing ‘small ball.’ But given this lawsuit, Republicans certainly don’t see them being small. In addition, the lawsuit only emphasizes the contrast that one branch of government is doing something while the other branch is doing nothing.”
“Bottom line: The White House sees a political opportunity here — an opportunity that Republicans might not have seen coming. Would it surprise many if House Republicans quietly decide before the August recess that this lawsuit gambit is actually too politically risky for them in an election year?”