Breaking News
U.S. Unemployment Rate Drops to 11.1 Percent Last Month
Last month, the U.S. unemployment rate dropped to 11.1 percent. This comes as businesses shuttered by the COVID-19 pandemic rehired millions of workers.
According to the Labor Department, employers added 4.8 million jobs in June — the biggest increase on record.
Fox Business reported that May’s figure “was revised up by 130,000 for the addition of 2.7 million jobs last month.” The nation’s jobless rate is nonetheless up 7.6 percentage points compared to the start of the year.
Every state has already begun reopening their economies. However, many expect the unemployment level to remain high as social distancing guidelines remain in place.
(This is the kind of “v” shaped recovery you get from a coronavirus slump when you have a sound economy)
Unemployment rate drops to 11.1% in June as job growth blows past expectations with 4.8M added https://t.co/XJafkE9wSI
— Drew McKissick (@DrewMcKissick) July 2, 2020
The Labor Department gathered data for the report in mid-June. Therefore, it does not capture the closures in several states following a spike in cases.
The current jobs report seems similar to “a look in the rearview mirror,” said Andrew Chamberlain, chief economist at Glassdoor. “With surging COVID-19 cases hitting new highs in the past week, rough waters are surely ahead for the economy in the coming months as a second wave could again shutter millions of American small businesses and put a freeze on hiring.”
Nonetheless, he said the report provided a “powerful signal of how swiftly U.S. job growth can bounce back and how rapidly businesses can reopen once the nation finally brings the coronavirus under control — a reason for optimism in coming months.”
Up Next:
