The US economy is amid one of the longest expansions on record, with June marking 108 months of sustained economic growth. The June employment report recently released by the Bureau of Labor Statistics (BLS) revealed a 4.0% unemployment rate, which is up slightly from 3.8% in May. However, this is down remarkably from nine years earlier at the outset of the current recovery in June 2009, when unemployment rose to 9.5%. Employers have added to payrolls for 93 consecutive months, extending the longest employment expansion on record. As a result of this streak, labor market conditions have tightened in recent years, with shortages of qualified workers reported across various specialized trades and occupations.
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