The U.S. economy added 209,000 jobs in July, the Labor Department reported Friday. That means the United States has added at least 200,000 jobs a month for six straight months, a streak unmatched since 1997.
Ah, 1997. Seems like just yesterday. Little did we recognize the peril on our horizon. A housing bubble would burst within 10 years, and the aftermath would send hundreds of thousands of jobs down the drain. Americans are still crawling out of the financial hole left by the Great Recession.
Count Friday’s news as a positive. Yet, don’t break out the party hats and booze just yet.
The Federal Reserve is here to dish out some buzzkill. “There remains significant underutilization of labor resources,” reads a statement from the Fed on Wednesday.
Translation: The jobs outlook is good, but not great. We’ve still got a long way to go to get the U.S. economy humming at a pace that puts more Americans to work and brings prosperity across the nation.
This good economic news is apparently despite the gridlock in Washington. Just imagine where we would be if we had a do-something Congress and a president who was able to strike a deal with his loyal opposition.