Congratulations Class of 2014! You are entering a labor market that offers a record number of paychecks.
On Friday, the Labor Department said the U.S. economy now has 138.5 million jobs, slightly more than the previous high set in early 2008 — just as the Great Recession was tightening its grip.
The post-recession peak came after employers added 217,000 jobs in May. That marked the fourth straight month when payrolls increased by at least 200,000. That kind of hiring streak has not happened since late 1999.
But the unemployment rate held steady at 6.3 percent — a rate that remains elevated because the number of jobs has not grown as fast as the population over the last six years.
"The economy has recaptured all the jobs that were lost during the recession, and is now beginning to show incremental employment growth from over six years ago," said Doug Handler, chief U.S. economist for IHS Global Insight.
That growth, however slow, is nudging up pay. In May, wages rose by a nickel an hour, helping earnings rise 2.1 percent from last year.
May's data on jobs and wages fits with earlier predictions of brighter prospects for the 1.8 million Americans graduating from college with bachelor's degrees this year.
A survey done this spring by the National Association of Colleges and Employers showed companies plan to hire nearly 9 percent more college graduates compared with 2013. And the survey also showed employers are boosting starting salaries by 1.2 percent over last year.
For those graduates who studied science or engineering, this hiring season looks particularly encouraging. One NACE survey showed petroleum engineers are getting starting pay of more than $95,000 a year.
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