June Jobs Report

195,000 jobs were added in June. A relatively good number given the recent past. The labor force participation rate stayed about the same. Furthermore, both April and May were revised upward to nearly 200,000 jobs added.

Current job numbers represent a break with the previous post-recession trend of relatively strong winters and weak summers. 2013 is on track to be the  strongest year of the recovery. All this despite fiscal austerity, and weaker growth in Europe and developing countries. Monetary policy, however, has been at its most expansionary of the recovery.