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.