June was another solid month for hiring in America, as the first quarter economic doldrums continue to recede into the past. The economy added 223,000 jobs in June, right in line with what we've seen over the past three months, and the headline unemployment rate dropped to 5.3 percent, according to figures released this morning by the Bureau of Labor Statistics.
Job growth in June was concentrated in services. Retailers added 33,000 jobs to payrolls, the health-care sector added 40,000 and leisure and hospitality increased by 22,000. Manufacturing jobs grew by just 4,000, and the public sector added a net of zero jobs.
One sign of caution: The labor participation rate continues to drop, falling another 0.3 percent in June to just 62.6 percent. That's the lowest that figure has been since 1977.
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