U.S. Economy Adds 217,000 Jobs In May

Posted at 8:43 AM, Jun 06, 2014
and last updated 2014-06-06 08:44:12-04

NEW YORK (June 6, 2014, CNNMoney) — It took two years to wipe out 8.7 million American jobs but more than four years to gain them all back.

That’s according to the Department of Labor’s latest jobs report, which shows the U.S. economy added 217,000 jobs in May. While the monthly figure was slightly below forecasts, it was still enough to get the United States to a new record. There are now more jobs in the country than ever before.

The last time we were near this point was January 2008, just before massive layoffs swept throughout the country, leading the unemployment rate to spike to 10%. The unemployment rate is unchanged at 6.3%, and much has improved since the worst of the crisis.

Yet, this isn’t the moment to break out the champagne. Given population growth over the last four years, the economy still needs more jobs to truly return to a healthy place. How many more? A whopping 7 million, calculates Heidi Shierholz, an economist with the Economic Policy Institute.

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