June job growth surges, jobless rate falls to 6.1%

[WASHINGTON] US employment growth jumped in June and the unemployment rate declined to near a six-year low of 6.1 per cent, effectively dispelling fears about the economy's health and underscoring its momentum heading into the second half of 2014.

The Dow Jones Industrial Average bolted above 17,000 points for the first time in intraday trade yesterday after the surprise showing of strong jobs growth in June. About 40 minutes into trade, the Dow stood at 17,050.80, up 74.56 points (0.44 per cent), while the S&P 500 gained 7.01 (0.36 per cent) to 1,981.63.

Non-farm payrolls increased by 288,000 jobs, the Labor Department said yesterday. Data for April and May were revised to show a total of 29,000 more jobs created than previously reported.