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WILLIAM: AS WE REPORTED, EMPLOYERS ADDED 390,000 JOBS IN MAY. THAT IS THE 17TH STRAIGHT MONTH OF JOB GROWTH. OVER THE PAST YEAR, EMPLOYERS HAVE ADDED MORE THAN 6.5 MILLION JOBS. BETSY STEVENSON SERVED AS CHIEF ECONOMIST FOR THE DEPARTMENT OF LABOR FROM 2010 TO 2011. SHE IS NOW A PROFESSOR OF PUBLIC POLICY AND ECONOMICS AT THE UNIVERSITY OF MICHIGAN. GREAT TO HAVE YOU ON THE NEWSHOUR. WE HEARD THE PRESIDENT BRAGGING ABOUT TODAYS NUMBERS BUT ALSO CAUTIONING THAT WE ARE NOT GOING TO SEE SIMILAR BLOCKBUSTER JOBS REPORTS GOING INTO THE FUTURE. HE SAID THAT WAS A GOOD THING. HOW DO YOU SEE TODAYS REPORT? BETSY: I THINK IT IS WORTH THINKING ABOUT HOW RAPIDLY WE RECOVERED. IF YOU GO BACK TO THE 2008 RECESSION, IT TOOK OVER EIGHT YEARS FOR US TO GET UNEMPLOYMENT BELOW 4%. WE DID THAT WITH LESS THAN TWO YEARS. WE HAVE GOT UNEMPLOYMENT THAT IS STABLE AT 3.6%, WHICH IS JUST GREAT. IT IS REALLY LOW UNEMPLOYMENT. AND YET, AT THE SAME TIME, WE ARE SEEING RAPID JOB GROWTH AS PEOPLE ARE REENTERING A