While the unemployment rate remained at 7.6 percent, job growth in June hit 195,000, 40,000 more than economists expected and equal to the revised rate for May, 2013. While construction and manufacturing changed little, the biggest gains were in leisure and hospitality (up 75,000), professional and business services (up 53,000) and retail (up 37,000). While noting that three-fourths of the new jobs would qualify as low-quality work, J. J. Kinahan, of TD Ameritrade, says wages grew faster in June than the 12-month average. Economists say this level of job growth just keeps pace with the population level, and pales compared to the 250,000 jobs created monthly during the 1990’s, according to CNNMoney. As MHProNews understands, job growth is key to a healthy housing market.
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