The economy continue…

The economy continues to trundle along quite nicely.

U.S. employers added 146,000 jobs in June, below Wall Street forecasts, but the unemployment rate fell to its lowest point since September 2001 as few people joined the labor force, a government report showed on Friday.

The Labor Department revised up job growth in April and May to 292,000 and 104,000, respectively – boosting the two-month count by 44,000 payroll jobs.

June’s tepid employment growth came in below analyst expectations for 188,500 new jobs in the month. But the decline in the unemployment rate to 5.0 percent was a nice surprise, since Wall Street had expected it to hold at 5.1 percent. The drop was mostly due to a paltry 1,000 increase in the work force, which includes those looking for work as well as those who have jobs.

During the 2004 election season, the Democrats harped on how bad the economy had been under Bush, ignoring entirely the recession he inherited and the economic impact of 9/11. However, since the election they’ve been rather quiet on the subject. And it’s no wonder; since the tax cuts, the economy has been continuing to strengthen, right on cue.

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