Job gain of 4.8 million in June smashes expectations

Job gain of 4.8 million in June smashes expectations

Nonfarm payrolls jumped by 4.8M in June and the unemployment rate fell to 11.1%, the Labor Department said Thursday. The report was far better than expectations. The June total is the largest single-month gain in US history. Leisure and hospitality accounted for the biggest jump. Another big contributor to the decline of the jobless rate was a plunge in those on temporary layoff.

Nomad
Nomad
Tom A
Tom A 1 months

Have mixed feelings about this. Easing lockdown restrictions has certainly worked well for the economy, but it has invariably led to a surge in COVID-19 cases. A bittersweet pill. :(

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