Transcript for U.S. Employment At a Record High
Yeah it's. Friday. June 6 the markets are open in today's big numbers 138. Point four million US employment now on a record. All time high hello everyone I'm Michelle Franzen in New York with 2171000. Jobs. Added in the month of may. Today the US hit a new milestone more people are working now than ever before. That's according to the Bureau of Labor Statistics this means that we made up for all the jobs lost in the recession. But not everyone is -- a sigh of relief here with the details on that -- MacKey from Yahoo! finance. 138 point four million people working but it took six years to get back here and in that time the population has grown -- we still playing catch up. That what got a. -- -- that's about right away -- right just right -- -- right away. It's DDA and on this very more Americans working than ever before in the history of this great country. Let's just reflect -- that for moment. And now we can to -- They have -- participation rate as low we've seen fewer people taking part in this workplace because of largely America just continues to grow and -- become thriving nation. And on the participation rate -- we have fewer Americans working than any time in 36 years since the glorious days of the Carter administration. A lot of that is because the baby boomers are selflessly retiring -- part of that is he could not kidding. And part of it is is because the tax rates have the element -- a gray market going on underneath -- about people are paying cash. For employment but you know nonetheless there -- there are some quibble here but we do -- we have all the jobs that took six here's what we got here so we've. Made up all the jobs investments say we need another seven point one million jobs to fill that gap. That was created in those six years not -- net -- -- numbers do you think there's a realistic possibility. The economy can grow at a quicker pace. You know boy have we could guard at a quicker pace I'm not sure we -- we've done everything we can -- thrown everything at this thing last six years and including the kitchen -- We've -- rates at effectively zero -- you could borrow money to start any kind of job any kind of anything you want to the last six years. That hasn't gotten things heated up the -- into and its -- not just to creating inflation but to ward off deflation falling prices like we saw in the thirties. -- I don't think really get much better in this but then again how much better in this do we really needed to because where we're at peaks in the stock market. We've seen that the nation's wealth as a whole and this didn't include everyone -- this rising tide did not float all the boats. But -- as a whole this country has never been higher. It this is kind of the best we can do it's from the same story month after month an economy that continues to grow not satisfying anyone. But boy it can't -- the bill collectors at -- at least. And we shouldn't be all doom and gloom you know I mean it's still good news and let's talk about the may jobs report for a second 2171000. Jobs added. About what economists is this what economists expected. Yeah that would -- was. Write about in line which is always kind of fishy to me because this is pretty hard. An economy this size when you consider 138 million. To really cut it down that fine to 1% level where 270000. And OK we'll take their word for -- that maybe maybe that is how many jobs grew. Give or take a few thousand but that's been the trend we've seen. Overall again at this slow growth economy we're adding jobs it's driving the unemployment rate down not as good as people want that pattern pocono to big sharp stick. The economists is -- -- in Lima stock market we'll take it with grace which is what we're seeing early this morning. Really there's not a great compelling reason to sell stocks and it's axiomatic in the stock market that you never short of -- market meaning they tend to drift higher left their own devices. Without any shocks about any surprises the market is still bidding higher. And in America still driven by the stock market overall we still associate the Great Depression with the -- -- crash. For better or worse had native record highs are what -- -- -- the -- -- to placate the masses according to these figures we've made up that ground from six years ago where do we need to go to. Keep moving forward. -- while we gotta get another -- jobs give or take would probably have to get some stimulus and what we have to see. Do so far a lot of this Michelle a lot of these recoveries been done through. Buying back stocks and stock marketer and many mergers acquisitions we need to see investment in this country we need to see money being put to work. On what's called capital expenditure or -- talk about rates before that means that it's easy for corporations to get cash from the bank. But they're not building factories and that's where -- gonna get organic jobs growth that's gonna satisfy even the harshest critics. Obviously economy of -- -- -- went to the right schools like -- arguing the case for -- anyway. They would have to concede that if we're getting factory jobs -- middle class effective start to grow in this country then there's no complaints for anyone because that's the best we can do right now. It continues -- indicates that companies are more comfortable buying back there -- shares or buying other companies. That -- are building huge factories in the states and we need to get back capital expenditure line. Ticking higher before we can really celebrate but again. -- we can't start a report with more people working in this country than ever before and -- -- -- -- -- because -- good for the -- and it's good to see people out there -- -- -- exactly and it's better than going in the other direction but also as we read these tea leaves -- the numbers where those jobs coming from. They're coming Friday eight. A surprisingly enough not construction that is one quibble at this report that we saw we didn't get a lot of construction activity in April forcing a lot of service sector jobs -- seeing slightly lower and but even on that front we saw wages for the month -- on a weekly basis people getting -- just a tiny bit more two point 1%. So the jobs in terms of the quality of -- well. Very talented did no one ever really loves their jobs -- dad's not one walks around saying boy I just at getting parents everyday when I go to work. I but -- noted -- good enough. I hear you say that all of. I know well -- we're -- -- no one else does -- I'm gonna keep -- until it catches on as a fashion statement. Just MacKey from Yahoo! finance thanks for joining us and a happy Friday to you I can tell you looking forward to your weekend. We ask you of course can keep up with the latest headlines right here on abcnews.com. You've been watching the big number -- -- friends of the New York.
This transcript has been automatically generated and may not be 100% accurate.