The Labor Department latest jobs report, covering activity in June, revealed 288,000 new jobs were created and the unemployment rate declined to 6.1 percent from 6.3 percent the month before. If the current pace of recovery continues, according to Thomas “Danny” Boston, a professor of economics in the School of International Affairs, next month’s unemployment rate should enter the 5 percentage point region - something unimaginable in recent years.
After meandering through five years of uncharacteristic performance, the last several months signal economic growth has finally hit a normal stride. For three consecutive months, the economy produced an average of 272,000 jobs. This amount is more than adequate to absorb displaced workers who are re-entering the market and normal labor force growth. The expansion is now marching to a normal beat.