Unemployment Rate Falls to 11.1% in June

by Marilou Moursund on July 2, 2020

in COVID-19,Economic Indicators,Employment

The economy continued to bounce back in June with 4.8 million jobs added.  However, as this linked WSJ article notes, this was prior to the roll backs of opening phases due to sharply higher increases in Covid-19 cases.  From the article:

The jobless rate fell to 11.1% in June as the U.S. regained 4.8 million jobs, but a recent coronavirus spike could hamper the labor market’s recovery.

Job growth in June followed May’s payroll gain of 2.7 million and showed Americans are slowly getting back to work. But the U.S. labor market is operating with millions fewer jobs than in February, the month before the coronavirus pandemic struck the U.S. economy.

The jobless rate, down from 13.3% in May, is still well elevated at historically high levels compared to before the coronavirus drove the U.S. into a deep recession. Until March, the unemployment rate was hovering around a 50-year low of 3.5%.

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